Austin, TX (PRWEB) January 2, 2006
The Lionstone Group, a Houston-based real estate investment firm, has acquired the Austin Reserve, a 438-acre office complex surrounded by a scenic preserve located at 8311 RR 620, Austin, Texas. The Lionstone Group and an investor purchased the property from Schlumberger Ltd. It 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.
Commercial Texas LLC, a leading Central Texas commercial real estate services firm, is the property’s new leasing and sales agent.
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.
"The Austin market is at the right point in the recovery cycle to make a significant office investment. This property is extremely unique and presents one of the best environments we have seen for a creative, entrepreneurial firm looking for office space with significant growth opportunities,” said Dan Dubrowski, Principal, The Lionstone Group. “We chose Commercial Texas because of their outstanding track record of increasing building occupancy and reaching potential buyers.”
“We’re excited to be a part of the team. The Lionstone Group has a solid track record of making smart, successful investments,” said Michael Kennedy, President, Commercial Texas.
The Lionstone Group has invested over $200 million in real estate projects across the country. The firm’s other holding in Austin is the Arboretum Point building located at 9505 Arboretum Blvd.
Transwestern of Austin has been named managing agent.
About The Lionstone Group
Founded in 2001 by Tom Bacon, Glenn Lowenstein and Dan Dubrowski, The Lionstone Group’s philosophy is to serve the interests of real estate capital by performing extensive market research to find unique sources of value for investors. The firm targets property types that have excellent long-term fundamentals coupled with short-term illiquidity.
About Commercial Texas LLC
Commercial Texas is a leading commercial real estate services firm dedicated to providing clients in Central Texas with experienced and strategic real estate guidance. Commercial Texas’ services include working with tenants to create optimum work and industrial space strategies; representing land owners; advising corporations on how to maximize their real estate assets; investment sales; and delivering maximum ownership value to property owners. Commercial Texas’ objective is to create real estate strategies that are part of an organization’s total financial success.
For more information, please visit http://www.commercialtexas.com.