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Starwood Capital Group Completes Massive Office Deal in Austin

Connecticut Firm Buys 1.16 Million-SF, Nine-Bldg. Portfolio From Brandywine/DRA Advisors JV for $333.3 Million
October 24, 2017
In one of the largest office transactions in Austin in recent memory, Starwood Capital Group, a Connecticut-based investment management firm, acquired a nine-building office portfolio from a joint venture between Brandywine Realty Trust and DRA Advisors for $333.3 million, or about $286 per square foot.

The portfolio totals slightly more than 1.16 million square feet and includes the 270,711-square-foot Cielo Center at 1250 Capital of Texas Hwy.; the 136,075-square-foot, two-building 7000 West at Lantana at 7000 William Cannon Dr. W; the 205,195-square-foot, two-building Park at Barton Creek at 3711 S Mo Pac Expy.; the 232,274-square-foot Crossings at Lakeline at 11001 Lakeline Blvd.; and the 319,743-square-foot Encino Trace at 5707 Southwest Pky.

All nine properties are Class A office buildings located in Austin’s Southwest and Cedar Park submarkets with the majority completed within the last decade. As of September 30, the properties were 86% occupied and 95% leased.

Brandywine Realty Trust (NYSE: BDN), one of the largest, publicly traded, full-service, integrated real estate companies in the United States, will use the roughly $86.4 million in net cash proceeds generated from the sale to lower the company's outstanding balance on its unsecured line of credit.

According to a public filing, the portfoilio was encumbered with $151.4 million of first mortgage financing.

For more information on the transaction, please see CoStar COMP #4034122.
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