Modern Class-a Office Building Acquired Through Investment Partnership

April 04, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

The San Antonoi-based USAA Real Estate Company and Crimson Real Estate Fund recently acquired an office building from Wells Fargo Bank. The two companies, according to a report, have recently announced their investment partnership to develop, acquire, and reposition real estate properties in major growth real estate markets across the United States.

Modern Class-a Office Building Acquired Through Investment Partnership

Another Class A office building in Texas, in Dallas has also been acquired recently by another company investor — Cornerstone Real Estate Advisers. The 20-storey building, according to reports, is located on North Central Expressway at Northwest Highway and has 494,878 square feet of leasable office space.

The office building acquired by USAA Real Estate and Crimson Real Estate, Aspen Lake, according to company information, is located in northwest Austin, Texas. It is a newly built office building that is said to be a Class A four-story commercial property.

Located near the intersection of State Highway 45 and U.S. Highway 183, and about eight miles north of the 183 intersection with Loop 360 and MoPac, the newly constructed 205,000 square feet office building is certified by Austin Energy’s Green Building scheme.

According to the managing principal at Crimson Real Estate Advisors, Dean Patrinely, both the real estate company is happy to acquire the well-situated office building in Austin’s commercial market that has increasing job growth.

The real estate companies will target investments in resort, office, hospitality, mixed-use and residential properties across the country, and will expect to acquire up to $1 billion of properties across all asset classes.

AQUILA Commercial, an Austin-based company will provide leasing services for the office property, under the direction of an affiliate of Crimson Real Estate Advisors — Crimson Services, while Crimson Services will provide property management services for the office building.

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