Credit Suisse buys Austin office tower
Credit Suisse Asset Management has bought Third + Shoal, a 29-story office building in Austin, Texas.
The Zurich-based firm purchased the asset on behalf of Credit Suisse Real Estate Fund International, a fund for qualified investors that invests worldwide. The building was purchased from a partnership of TIER REIT, Invesco and Cielo. HFF represented the sellers in the deal.
According to the company, the newly developed property is 100 percent leased and is the largest prperty in Credit Suisse Real Estate Fund International’s portfolio. Located at 607 W.Third St. the property was completed earlier this year. The 345,000 square foot office property is aiming for LEED Gold certification. It includes 12,327 square feet of ground floor retail, a rooftop terrace, bike locker and showers, as well as a 12 story parking garage.
The Austin office sector has seen strong demand over the past year, as major companies such as Google, Facebook and WeWork are taking space in the Texas capital. According to a recent Yardi Matrix report, last December, job growth was up 3.3 percent in Austin year-over-year.