Investors sink money into Texas high-rise

Site originally built in 1970s

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Triple Net Properties LLC this week represented joint buyers in the purchase of Chase Tower, a 391,500-square-foot office building in Austin, Texas. The value of the transaction was not disclosed. Chase Tower is a 21-story office tower situated on a 1.8-acre site that comprises a full city block in Austin's central business district. The property is connected by a climate-controlled walkway to a seven-level, 720-space parking garage. Chase Tower was originally constructed in 1974 and was substantially renovated in 1994-1995. At the time of sale, the property was 72 percent leased to 24 tenants, including JP Morgan Chase Bank, N.A. and The Headliners Club. Austin PT BK One Tower Office L.P. sold the property to: NNN Opportunity Fund VIII LLC (approximately 47.5 percent interest); LLC investors (approximately 41.6 percent interest); and Endeavor Realty Group (approximately 10.9 percent interest). ...