Intercontinental Real Estate Purchases Office Tower in Austin’s CBD for $119M
AUSTIN, TEXAS — Intercontinental Real Estate Corp., a Boston-based real estate investment and development firm, has purchased 5th + Colorado, a newly built, 18-story office tower in Austin’s central business district. The company acquired the property from the developer, a joint venture between Lincoln Property Co. and Goldman Sachs, for $119 million, according to the Austin Business Journal.
Located at the corner of 5th and Colorado streets within Austin’s Warehouse District, the 179,000-square-foot office tower comprises eight levels of structured parking, nine floors of Class A office space and a lobby level with 5,822 square feet of retail space.
Built in 2016, 5th + Colorado is home to companies including Indeed.com, an online job search forum; Industrious, a co-working office concept; SoftServe Inc., a Ukranian software firm; Plains Capital Bank; and Sherri Hill, an Austin-based fashion brand relocating from 9011 Tuscany Way, according to the Journal.
Amenities at the office tower include on-site management and security and a fitness center with showers and locker rooms.
Located at 201 W. 5th St., the office building is within walking distance of Lady Bird Lake Hike and Bike Trail, the State Capitol, Austin City Hall, the Austin Convention Center and Republic Square Park.
The office tower is the latest addition to Intercontinental’s growing portfolio in Austin, which also includes Plaza on the Lake I & II, 5th Street Commons and the Eurus Office Portfolio, which spans eight office buildings.
“The acquisition of the 5th + Colorado office tower provides Intercontinental and our investors with yet another great opportunity in the Austin market,” says Peter Palandjian, chairman and CEO of Intercontinental. “This investment aligns perfectly with our strategy to target core investments in a highly dynamic market.”
Since 1959, Intercontinental Real Estate Corp. and its affiliates have managed, developed or owned more than $10 billion in real estate assets. Intercontinental currently manages a real estate portfolio of approximately $6 billion for its clients.
— John Nelson