San Francisco-based DivcoWest has acquired an office park in Austin, Texas from RREEF, the private equity real estate arm of Deutsche Bank. Details of the transaction were not disclosed, but the sale price is reported to be around $49 million (€64 million).
Situated in the northwestern part of the city, the 28-acre Parmer Business Park sports 256,737 square feet of rentable office space spread over six one-story buildings, as well as 1,600 parking spaces. The property was developed in 2000 and 2001.
According to a statement released by Divco, the entire campus is leased to tech firm Sun Microsystems through 2010, with some of the space being subleased to smaller firms like Abbott Spine and GTECH.
Divco says Austin is one of its target markets. The Parmer investment was made out of Market Street Capital Partners, the firm’s $650 million private equity real estate fund. Its previous fund, Page Mill Properties, closed on $290 million in 2003.
Last fall, DivcoWest acquired three properties in Silicon Valley, adding to its nationwide office portfolio, which includes properties in California, the Boston area and Colorado and focuses on the tech- and R&D-related office sectors