Endeavor Real Estate Group has secured a major listing assignment on behalf of the California State Teachers Retirement System, which recently acquired a 100 percent stake in one of downtown Austin's largest multi-tenant office building portfolios.
The Endeavor team of Travis Dunaway and Jonathan Tate will represent CALSTRS through an agreement with Lionstone Investments, a Houston-based real estate investment management firm.
The three-property portfolio encompasses about 1.5 million square feet and includes the Frost Bank Tower, 401 Congress Ave.; One American Center, 600 Congress Ave.; and 300 W. Sixth St. Collectively, the buildings are 93 percent leased.
CALSTRS took full possession of the three high-rise buildings in November 2014 after severing a joint venture agreement with Parkway Properties Inc. (NYSE: PKY). Previously the two companies owned five buildings jointly after acquiring them from Thomas Properties Group in a 2013 blockbuster national transaction.
In the wake of the severance action, Parkway fully owns and manages 98 San Jacinto Center at 98 San Jacinto Blvd. and One Congress Plaza at 111 Congress Plaza. Parkway's local team told Austin Business Journal last fall that the split was in the best interest of both parties.
Chad Marsh, principal at Endeavor, said the competition was stiff for the listing assignment on behalf of CALSTRS. He estimated that about 10 companies vied for the assignment.
Endeavor owns several Austin office and retail properties, which it also manages, but does a considerable amount of third-party leasing on behalf of Clarion Partners, RREEF Property Trust, TA Associates and Westmount Realty Group.
Jan Buchholz covers commercial and residential real estate, construction and architecture and retail and restaurants for the Austin Business Journal.