Chase Tower, Austin

August 21, 2019 Comments Off on Los Angeles Buyer Snags 390K-SF Chase Tower in Austin Views: 925 Austin, Texas News

Los Angeles Buyer Snags 390K-SF Chase Tower in Austin

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CIM Group is now the owner of Chase Tower, a 21-story, 390,000-square-foot, Class A office building in downtown Austin. The Los Angeles buyer shook hands with the seller, a joint venture between Goldman Sachs Asset Management and Lincoln Property Co., for the property at 221 W. 6th St. Cushman & Wakefield handled the marketing, and represented the seller in the transaction.

Delivered in 1974, Chase Tower and its adjacent parking lot span a full city block. The sales price was undisclosed, though in an interview from March 2019, Cushman & Wakefield’s Mike McDonald observed the building could command a price of approximately $240-per-square-foot.

CIM is no stranger to Austin, just having completed the 363-unit condominium tower, The Independent, the metro’s tallest building. Other office properties in CIM’s portfolio include East Side Village, Hartland Plaza and Penn Field.

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