Dallas REIT Buys Austin Office Park for $167M

Dallas-based real estate investment trust, Behringer Harvard Operating Partnership I L.P. is under contract to buy a southwest Austin business park for $167 million, according to an SEC filing.

The Terrace, which is being sold by Midland-based Claydesta L.P., is located on 190 acres near the northeast corner of MoPac Boulevard (Loop 1) and Capital of Texas Highway (Loop 360). The property has four office buildings--which are about 99 percent leased--totaling more than 600,000 square feet with more office buildings, a hotel and retail space planned.

This is the third time in less than a year that The Terrace has had a pending sale with Austin's Aspen Growth Properties Inc. and Brandywine Realty Trust of Plymouth Meeting, Pa., being the first two, according to the Austin American Statesman.

The Terrace consists a five-story office building with approximately 115,000 rentable square feet located on approximately 4.5 acres of land; a five-story office building with approximately 115,000 rentable square feet located on approximately 4.2 acres of land; a six-story office building with about 196,000 rentable square feet located on approximately 5.9 acres of land; and a six-story office building with about 192,000 rentable square feet located on approximately 4.5 acres of land.

A Behringer Harvard Operating Partnership spokesman said there is no time frame on anticipating closing and declined comment until the deal has closed.