SANTA ANA, CA -- Chief Investment Officer Jeff Hanson announced today that Triple Net Properties, LLC has acquired 816 Congress in a joint venture with Lehman Brothers, the global investment bank. The acquisition closed on July 10, 2007.
Built in 1983 and renovated in 1995, 816 Congress is a 20-story, 430,000-square-foot Class A trophy office tower in the heart of downtown Austin, Texas. Located in the shadow of the historic Texas Capitol, tenants of the upper floors are afforded impressive views of the scenic National Historic Landmark. The attractive property includes an elegant outdoor plaza that leads to a well-appointed lobby featuring polished marble and limestone flooring and walls, a touch screen tenant directory, satin stainless steel decorative planters, recessed canned lighting, and comfortable seating areas.
Due to its close proximity to the Capitol, 816 Congress has historically attracted law firms, lobbyists and other professional service tenants. The property is 76 percent leased to 44 tenants, including Lloyd Gosseling Attorneys at Law, Bickerstaff Heath Delgado Acosta LLP, and the United States Attorney's Office for the Western District of Texas.
"816 Congress is a wise investment for Triple Net Properties and Lehman Brothers, our joint venture partner," explained Hanson. "The property itself is very attractive from a physical and economic perspective, and the city of Austin is one of the fastest growing metropolitan areas in the country."
The capitol of Texas, Austin is the 16th largest city in the nation, and is located within 200 miles of three of the 10 largest cities in the United States (Houston, Dallas and San Antonio). Home to the state's flagship university, the University of Texas at Austin, the population of Greater Austin is approximately 1.5 million people, and is one of the fastest growing metropolitan areas in the country. As of May 2007, the unemployment rate for Austin's metropolitan statistical area was just 3.2 percent; the Organization for Economic Cooperation and development estimates that full-employment is achieved when unemployment falls to four percent. The fastest growing segments of the Austin economy include many of its highest wage industries; in 2006, employment in professional services, such as engineering and consultants, grew by 4,000.
Triple Net Properties and Lehman Brothers acquired 816 Congress from Crescent Real Estate Equities, which was represented by Russell Ingrum and Todd Mills of CB Richard Ellis. Financing was provided by Lehman Brothers.
About Lehman Brothers
Lehman Brothers (NYSE:LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world.
About Triple Net Properties
Triple Net Properties, LLC is a wholly-owned subsidiary of NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm. Triple Net Properties, LLC and affiliates manage a growing portfolio of more than 35 million square feet of real estate, including nearly 7,600 apartment units, with a combined market value of approximately $4.8 billion. Triple Net Properties, LLC and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investments, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, real estate investment trusts (REITs), value added property funds, and institutional investments.
First Call Analyst:
FCMN Contact:
Source: Triple Net Properties, LLC
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CONTACT: Jill Swartz of Triple Net Properties, LLC, +1-714-667-8252,
ext. 251, jswartz@nnnrealtyadvisors.com
Web site: http://www.1031nnn.com/
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