Hines and CalPERS acquire 301 Congress in Austin, Texas (US)

The Austin office of Hines has announced that it has acquired 301 Congress on behalf of National Office Partners Limited Partnership (NOP), its investment partnership with the California Public Employees' Retirement System (CalPERS), from a joint venture between Crescent Real Estate Equities Company and Aetna. The 22-story, 418,338-ft² office tower is located at Congress and E. 3rd Street in downtown Austin just blocks from the state Capitol.

Holliday Fenoglio Fowler represented the seller, and Hines represented NOP in the transaction. Hines will assume property management and leasing responsibilities.

301 Congress was designed by Hylton-Dey Associates/Harwood K. Smith & Partners and was completed in 1986. The Class A office tower is clad in imported polished granite panels with aluminum-framed glass curtain walls located on the east and west elevations of the tower and the roof. The Congress Avenue grand entrance opens into a dramatic five-story glass atrium of dark rich Talvassolo polished granite, and provides views of the tower and sky above. Parking is provided in a nine-level attached garage—four levels below-grade parking and five levels above-grade.

The office building is currently 84.7% leased to a prestigious roster of tenants including: AIM Management; A.G. Edward & Sons, Inc.; BearingPoint, Inc., Citigroup; Guaranty Bank; and RBC Dain Rauscher.

"The vibrant Austin market is continuing to strengthen, and we believe this well-located asset with its strong base of office tenants, and nearby retail and cultural amenities, will benefit from that," said Hines Vice President Travis Overall. "We're also excited to be re-entering the Austin CBD market."

"301 Congress is an exceptional addition to the NOP portfolio," said Dan Rashin, Hines' senior vice president who heads the NOP partnership. "We will continue to seek new development, value-add and existing-building investment opportunities in the area and across the country."

Source: Hines

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