Joint venture buys massive Texas office complex

Additional development likely at site

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The Lionstone Group, a Houston-based real estate investment firm, partnered with an investor to acquire the Austin Reserve, a 438-acre office complex surrounded by a scenic preserve in Austin, Texas. The value of the transaction was not disclosed. The property, located at 8311 RR 620, includes six interconnected office buildings totaling 195,000 square feet and entitlements for up to 1.46 million square feet of new office and/or research and development space. Schlumberger Ltd. sold the property. The Lionstone Group's near-term plans for the property include improving the existing office buildings, then selling the additional land or adding office space in partnership with developers. *** What's your opinion? Send your Letter to the Editor to