KKR has agreed to sell Riata Corporate Park to a global institutional investor in a deal valued at over $300 million.
Riata Corporate Park is an eight building, 688,100 square foot, Class A office campus located in the Austin Technology Corridor in Northwest Austin, Texas.
The campus is well located just minutes from The Domain, Austin’s premiere mixed used retail and entertainment hub.
The property is 100% leased and occupied by a high-quality tenant group that includes publicly traded companies along with a mix of technology, financial services and healthcare businesses.
Since purchasing Riata in December 2019 through its Americas opportunistic real estate strategy together with Endeavor Real Estate Group (Endeavor), KKR has substantially upgraded the property’s fitness center, café, landscaping, outdoor amenities and other features. KKR and Endeavour also completed significant deferred maintenance.
“Our long-term focus on high-quality properties in great locations within attractive growth markets led us to invest in Riata, a tech-focused office campus in one of the country’s most desirable cities,” said Roger Morales, KKR Partner and Head of Real Estate Acquisitions.
“We are proud of the property and capital improvements delivered under our ownership in what has been a very successful pre-pandemic office investment. Riata, one of three 50-acre office parks in the Northwest next to The Domain, is well positioned to continue benefitting from the net migration to Sunbelt cities as companies seek to deliver great live-work environments for employees,” he added.
The transaction is expected to close in the coming months.
Cushman & Wakefield’s Institutional Capital Markets Team acted as real estate advisor to KKR.