Investor buys office properties in The Domain home to Amazon, HomeAway
Two significant office properties at The Domain have changed hands.
Domain 2 and Domain 7 have been acquired by Dallas-based Tier REIT, Real Capital Analytics reports.
The seller was Shorenstein Properties, a real estate company headquartered in San Francisco, and the reported price of the two new office buildings was in the range of $150 million.
Shorenstein and Austin-based Endeavor Real Estate Group jointly developed the two buildings at 11800 Domain Blvd. and 11421 Alterra Way. Collectively, those properties offer 337,000 square feet. Shorenstein also is the financial partner with Endeavor of Domain 8, another office in the 200,000-square-foot range that is under construction.
Tier REIT already owns property at The Domain. The company has been establishing a major presence in Austin with its acquisition of Terrace Office Park adjacent to the Barton Creek Greenbelt and its financial backing of Third+Shoal, an office tower under construction on the former site of the Austin Music Hall. Tier REIT is partnering with Ausin-based Cielo Property Group on that project.
Domain 2, which was completed in September 2014, is 100 percent occupied by HomeAway Inc. and Domain 7, which was completed in January 2015, has multiple tenants, including Amazon.com Inc., Brookfield Residential and Huckabee Inc.
HFF brokered the deal between Shorenstein and Tier REIT.