Portfolio to be managed for institutional investor consists of 3 marquee assets including iconic Frost Tower
AUSTIN, TX – November 25, 2024 — DivcoWest, a DivCore Capital company, has been selected by a major institutional investor to manage and oversee three marquee commercial properties totaling 1.8 million square feet (s.f.) in Austin.
The transaction doubles DivcoWest’s portfolio in the Texas capital, making it one of the largest commercial office landlords in downtown Austin, one of the country’s most popular commercial real estate markets.
The buildings DivcoWest will operate are:
- Frost Tower, an iconic 533,000 s.f., 33-story Class A office tower, with first-class amenities and an elite roster of tenants, at 401 Congress Avenue;
- 300 West 6th Street, a modern, dynamic 454,000 s.f., 23-story Class A office tower with LEED Gold designation and large 30,000 s.f. floor plates;
- Plaza Saltillo, a 10-acre mixed-use property in East Austin with 153,000 s.f. of office, 118,000 s.f. of retail, including Whole Foods and Target stores, and 703 high-end apartment residences.
“We’re honored to be selected as a strategic partner and steward these three marquee properties in a market we’ve operated in for many years and know exceptionally well,” said Gregg Walker, President of DivcoWest Real Estate Asset Management (DREAM). “We look forward to working closely with our partners in the downtown brokerage community as well as with existing and prospective tenants to deliver a quality 24-hour lifestyle environment for Austinites,” Walker added.
DivcoWest has owned and operated commercial properties in the Austin market for nearly twenty years and is currently involved in two major downtown developments: The Republic, an 833,000 s.f. prime office tower at 401 West 4th Street, and Sixth and Guadalupe, a 1 million s.f. state-of-the-art office and residential tower.
DivcoWest also owns properties at 2010 East 6th Street and Bouldin Creek at 2043 South Lamar Boulevard, where it maintains a corporate office.