University Park_Property for Sale
University Park_Property for Sale
3300 N IH-35, Austin, TX, 78705, US

University Park

Asset description

JLL (Jones Lang LaSalle Americas, Inc.) is pleased to present the opportunity to acquire a fee simple interest in University Park (the “Property”), a Class A mixed-use office building totaling 206,657 square feet. Centrally located less than two miles from downtown and northwest of the intersection of IH-35 and 32nd Street, the Property is adjacent to St. David’s Medical Center and The University of Texas at Austin. The Property is also situated at the epicenter of Austin’s most popular neighborhoods, including Hyde Park, Mueller, Cherrywood, and Central East Austin. University Park is currently 24% occupied to a diversified roster of tenants with 4.6 years of WALT. Featuring creative second-generation finishes, the Property benefits from flexible collaborative workplaces catering to a variety of needs from newly minted life sciences startups to established tech giants. The Property is LEED Gold Certified offering floorplates with unmatched views of downtown and the western Hill Country. University Park presents a unique opportunity to purchase a Class A mixed-use office building at a massive discount to replacement cost.

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Attributes

Building area net
19,199 sm
Occupancy
24%
Year built
2008
Land area gross
0.64 ha
WAULT
4.6 years

Media

Investment highlights

Upside in Lease-Up/Attractive Basis

-         Immediate upside through the lease-up of existing vacancy

-         Lease to core: occupancy well below central submarket average

-         Discount to replacement cost

Prime Urban Core Location

-         Adjacent to The University of Texas and St. David’s Medical Center

-         10 minutes to Downtown Austin

-         Roughly 19,000 apartment units within 2-mile radius

-         Convenient IH-35 access

Austin’s Emerging Life Sciences Hub

-         University Park sits just north of the Innovation District

-         UT-Austin and MD Anderson are creating a $2.5B cancer center

-         Life sciences employment grew 74% since 2019

Strong Austin Economy

-         2nd fastest growing large metro in U.S.

-         Top 10 job market in the U.S. and #1 job market in Texas (WSJ, 2024)

-         Leads DFW and Houston in current office occupancy rates

University Park 4_Property for Sale
University Park 4_Property for Sale

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University Park (0 Properties)

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Last updated
Sep 18, 2024