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.
CapRidge Partner leverages their connections and expertise to sign a long-term lease with a credit tenant in the heart of Austin, TX.
CapRidge leveraged their existing relationship with the tenant to facilitate lease extension negotiations.
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.