Class A office campus in Austin sold for $258m

Class A office campus in Austin sold for $258m

KKR, a global investment firm, has acquired Riata Corporate Park, a Class A office campus in Austin, Texas, for $258 million.

Riata Corporate Park is an eight building, 688,100 square foot, Class A office campus located in Northwest Austin, Austin’s largest office submarket.

“Riata is a unique corporate campus centered in an incredibly dynamic area in Austin, one of the fastest growing markets in the U.S. We are thrilled to be investing in the property and the region, and look forward to continue building upon its best-in-class position,” said Roger Morales, a Partner at KKR and Head of Commercial Real Estate Acquisitions in the Americas.

The acquisition includes an adjacent land site that is entitled for a ninth office building. Riata Corporate Park is ideally located five miles from The Domain, Austin’s second Central Business District.

KKR is planning an $11 million capital improvement program to the campus including to amenities such as fitness centers, the café and outdoor plazas.

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KKR is making the investment through its Real Estate Partners Americas Fund II.