Houston-Based Hines Snags 405 Colorado for $733 per sf

Brandywine Realty Trust sold another Austin office building in its quest to offload $300 million worth of property in its portfolio.

The Philadelphia-based real estate investment trust sold the office building at 405 Colorado Street in Downtown Austin for $151 million, according to the Austin Business Journal, citing a Securities and Exchange Commission filing. Hines, which is based in Houston, is the buyer, the firm said in a statement Monday. Eastdil Secured advised Brandywine on the deal.

The Class-A office property was completed in 2021, and features 206,000 square feet of office space across 25 stories. The price works out to about $733 per square foot for the building. Tenants at the building, which is fully leased, include JP Morgan Chase, Bain & Company and AllianceBernstein.

Hines was explicit in its statement about its reasoning for acquiring the property: Alfonso Mark, Hines’ global co-head of investment management, said the company believes that fully leased trophy office buildings are driving recovery in the United States’ office market.

The sale comes as Brandywine looks to offload between $250 million and $300 million of its portfolio, CEO Jerry Sweeney said earlier this year, according to the outlet. In the last two years, the firm sold Quarry Lake II, at 4516 Seton Center Parkway, and Four Barton Skyway, at 1301 South Mopac Expressway. Quarry Lake II’s 120,600 square feet of office space went to Brick Row Holdings, and the 223,000-square-foot Four Barton Skyway went to an unknown buyer.

Brandywine will still maintain a notable presence in Austin. The Uptown ATX development close to Austin’s second downtown, The Domain, is getting a $31 million facelift that’s expected to complete by the end of 2027. The six-story, 172,000-square-foot building is getting a shiny new lobby to go with other new amenities. Brandywine snagged Nvidia as a tenant in a deal that was Austin’s biggest office lease of 2025.