A 164,000-square-foot office building in Austin, Texas, has sold to an international real estate company for an undisclosed price “significantly above replacement cost,” according to a press statement.
HDG Mansur purchased the class A property on behalf of an investment fund it manages from an unidentified entity.
The property, located at 5301 Southwest Parkway, is also known as the Overwatch Campus, named after the tenant occupying 100 percent of the building at the time of sale.
Originally developed as a build-to-suit for Austin Info Systems (AIS), the Overwatch Campus broke ground in August 2006. During the development stage, AIS was acquired by Overwatch Systems Tactical Operations, a business unit of Textron Systems dedicated to the analysis, design, development and support of complex intelligence, information and communications systems for military, first responder and counterterrorism analysts. Having several locations throughout Austin, the development of the Overwatch Campus allowed the company to consolidate its local operations into one facility.