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Texas

Downtown Austin office sold to LA-based firm

Arc Capital Partners bought Westview, with views of the state Capitol and University of Texas, from Prescott Group

Arc Capital Partners' Neville Rhone Jr and Westview is at 316 W. 12th Street (Loopnet, Arc Capital Partners, Illustration by Kevin Cifuentes for The Real Deal)
Arc Capital Partners' Neville Rhone Jr and Westview is at 316 W. 12th Street (Loopnet, Arc Capital Partners, Illustration by Kevin Cifuentes for The Real Deal)

Los Angeles-based real estate investor Arc Capital Partners bought Westview, a six-story downtown Austin office building with a rooftop deck and views of the state Capitol and the University of Texas, from Dallas-based Prescott Group.

JLL Capital Markets represented Prescott and helped facilitate the acquisition loan, according to the Austin Business Journal. The price wasn’t disclosed.
The 100,166 square foot building features a fitness center, showers, bike lockers, private outdoor space in proximity to the Capitol, onsite sweetwaters coffee & tea, bike lockers, a courtyard, and private outdoor space.

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As workers return to offices, employers increasingly are seeking buildings with plenty of amenities to help lure them back, said Neville Rhone Jr., managing partner of Arc Capital Partners.

“Westview is an incredible boutique property that adds to our Austin portfolio in an increasingly vibrant and walkable location,” Rhone said. “With its Class A amenities and dramatic roof deck, Westview is exactly the kind of creative space that pulls employees back to the office.’’

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According to the publication, Westview is currently about 93% leased.

Westview is located at 316 W. 12th St. at the intersection of Guadalupe and 12th streets. The Prescott Group bought Westview in 2016 and quickly renovated it into LEED Gold creative office space with the help of local contractor The Burt Group and architects at Andersson Wise.

The property boasts a live-work-play location with more than 2.9 million square feet of retail nearby and more than 3,000 multifamily units and is only blocks away from the University of Texas at Austin.

The JLL Capital Markets debt team representing Arc Capital Partners was led by Senior Managing Director Jeff Sause, Managing Director Casey Wenzel, and analyst Matthew Ctvrtlik; and the JLL Capital Markets sales team representing Prescott Group was led by Senior Managing Directors Andrew Levy and Todd Savage and Managing Directors Kelsey Shebay and Jeff Coddington.

[Austin Business Journal] — James Bell

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