Houston Partnership Buys South Austin Office Building

A group of Houston investors eying properties in central Texas is putting its money on Austin by purchasing a six-building complex here.

The deal for the 154,000-square-foot space is among the biggest in Austin history and has given the region hope that the recent economic downturn may finally be over.

The new investors plan to change the name and renovate the property inside and out. They will create spec suites and focus on tenants seeking spaces of 10,000 square feet or less. The property will be marketed to business owners from the South Austin area, with the intention of making the property the preeminent office complex in the region.

Houston-based Braun Enterprises is the lead investor. Braun specializes in purchasing, keeping and developing properties for the long term, with acquisitions throughout Texas.

Braun, which closed the deal in July, has closed on four properties this year. The South Austin purchase is the first for Braun in the Austin area and the first of what Braun says will be several purchases in this region before the year’s end.

The state capitol has suffered through a recent economic downturn, particularly in the leasing of retail space. But the purchase of the South Austin property has given the city new hope that its fortunes have changed. Another deal for a large property in North Austin is also near conclusion and is expected to be completed by the end of the year.

Complex business transactions, such as the Braun purchase, demand the expertise of an established Austin business lawyer. A knowledgeable attorney can aid in the negotiation, drafting and consummation of the transaction while exercising skilled foresight to avoid future contractual problems and litigation. Also, a skilled attorney can help structure the arrangement to minimize tax liability.