Lionstone Investments Picks Up 2 Rollingwood Office Buildings
Lionstone Investments has bought Rollingwood Center I and II, off Bee Caves Road, from developer Endeavor Real Estate Group.
HFF both represented Endeavor and assisted Lionstone to secure a 15-year fixed-rate acquisition loan through Lincoln Financial Group. The two phases, totaling 214K SF, were built in 2014. The two buildings are fully leased with six tenants: EZ Corp., Kinnser Software, Marsh & McLennan Agency LLC, Heritage Title Company of Austin, Independence Title and Barnes Lipscomb Stewart & Ott.
The Southwest submarket remains one of the few with 1M SF of available space, according to a Q4 office report released by Savills Studley. The Southwest submarket is leasing at $35.76/SF, compared to $36.33 in North Austin and $51.59 in the Central Business District.
Endeavor has announced it intends to break ground on a third building in the office park. Rollingwood Center III would be five stories and 121K SF. While the intention was to break ground this quarter, Endeavor may have to go back to the Texas Department of Transportation for modifications to its entry and exit off MoPac Expressway, according to the Austin American-Statesman.