Tishman Speyer has invested about $150m (€125.4m) to buy a two-building office property in the US.
Announcing the deal, Tishman Speyer said it has bought The Foundry, a 240,000sqft building in East Austin, Texas, without disclosing any financial details.
According to people familiar with the matter, the real estate manager paid between $145m and $150m to buy the asset.
The acquisition marks the Tishman Speyer’s entrance into the Austin market.
Tishman Speyer president and CEO Rob Speyer, said: “This is our first investment in Austin, but we expect it won’t be our last.
”Austin is taking its place as one of America’s most desirable locations, especially for tech talent. And within the market, East Austin is the fastest growing and most dynamic mixed-use community. That’s exactly where we want to be the landlord of choice.”
Speyer said the company is focusing on markets where the best tech entrepreneurs are collaborating with leading academic institutions.
“Going forward, Austin will be in our portfolio alongside Boston, San Diego, the Bay Area and more.”
Senior managing director Ryan Botjer at Tishman Speyer, said: “The Foundry is the most exciting new property in the East Austin submarket, in a city where tech companies have been relocating their headquarters or adding facilities at an unprecedented rate.
“Foundry I was nearly leased up quickly after completion and Foundry II has been partially pre-leased. We are very excited about the potential for this investment, and the prospects for further growth in Austin.”
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