Downtown Austin’s Indeed Tower sells to California real estate and development company in $580M deal
The Downtown Austin Tower is 57% let in mid-June. (Olivia Aldridge / Community Impact Newspaper)
Los Angeles-based commercial real estate mutual fund Kilroy Realty Corp. announced its entry into the Austin market on June 16 with the purchase of the downtown Indeed Tower.
The 36-story building at the intersection of W. Sixth and Colorado Streets was sold for $ 580 million, Kilroy said in a statement, in an acquisition that is expected to close later this month. Kilroy announced the purchase along with separate transactions in San Diego and Bellevue, Washington.
“I can’t stress enough how well Indeed Tower fits our strategic and real estate goals. It is arguably the best building in Austin, is in one of the best locations, has a size to support future growth, is anchored by an investment grade technology tenant, and offers value from renting in an office market that strengthens, ”said Kilroy Chairman and CEO John Kilroy in a statement.
The 730-square-foot Indeed Tower was completed in May and is now 57% rented, with around 42% rented by Indeed.com. In addition to office space, the tower also offers outdoor decks and a private park, as well as amenities such as fitness and conference centers. According to Kilroy, the tower is expected to move in for the first time in late 2021. 310-481-8400. www.kilroyrealty.com