Jones Lang LaSalle (“JLL”) is pleased to offer the exclusive opportunity to purchase the Perry Brooks Building (the “Property”), a 137,709 SF, creative office building situated in Downtown Austin, Texas. The offering includes a fee simple interest in a 79,988 square foot office tower and a leasehold interest in an attached garage with an additional 57,721 of office and retail space.
Offering a rare value-add opportunity in Austin at 73% occupancy with 2.9 yrs of WALT, the Property underwent an extensive renovation by the current institutional ownership and is poised to take advantage of the strong demand dynamics in Downtown Austin. The Perry Brooks Building features state-of-the-art office finishes with unique 5,300 SF tower floorplates that allow small tenants to control their own floor, and above-market 3.7 per 1,000 garage parking that provides steady income from outside long-term contracts in addition to tenant parking. These features, and the Perry Brooks Building’s exceptional location, have translated to a robust rent growth of 34%, or 5.1% per year, since 2015. The creative, newly renovated Perry Brooks Building is perfectly situated to attract tenants in one of the nation’s strongest Tech markets and is an incredible investment opportunity in the nation’s hottest market.
- Value-add opportunity with strong cash flow
- Exceptional parking income
- Vibrant Downtown Austin location for tech tenants
- Limited capital expenditures required
- Rapidly growing Downtown Austin office market
- Thriving Austin economy