In 2013, CapRidge Partners acquired this 150,000sf office building in Austin, TX in an off-market transaction. The asset was 100% leased to a single tenant at acquisition, with their existing lease expiring in 2 years. Our challenge was to either renew the existing lease, or to re-tenant and reposition the building once they vacated; additionally, complete some moderate updates to the building. Our base case underwriting assumed the tenant would vacate.
Arboretum Point
Austin, TX
CapRidge Partner leverages their connections and expertise to sign a long-term lease with a credit tenant in the heart of Austin, TX.
The Challenge
![CapRidge-Case-Study-Arboretum-Point-1 arboretum point austin texas](https://capridgepartners.com/wp-content/uploads/2020/09/CapRidge-Case-Study-Arboretum-Point-1.jpg)
The Solution
CapRidge leveraged their existing relationship with the tenant to facilitate lease extension negotiations.
The Outcome
We were able to negotiate and sign a new 12 year lease with the existing tenant prior to closing. After completing several building upgrades, the asset was then sold within the first year to a core asset buyer.
![CapRidge-Case-Study-Arboretum-Point-2-NEW arboretum point austin texas](https://capridgepartners.com/wp-content/uploads/2020/10/CapRidge-Case-Study-Arboretum-Point-2-NEW.jpg)