Posted: Sat, 17 Jul 2010 02:38 PM - 12,527 Readers

By: Staff Reports

5000 Plaza on the Lake -- Overlooking Lake Austin

Endeavor part of deal for Lake Austin site

Austin-based Endeavor Real Estate Group and Dallas-based Granite Properties have purchased 5000 Plaza on the Lake for an undisclosed price. Endeavor and Granite bought the building from a partnership controlled by Aspen Growth Properties.

The 119,000-square-foot building, which is near the Loop 360 bridge and overlooks Lake Austin, is 93 percent leased, said Chad Marsh, a managing principal at Endeavor who handled the acquisition for the firm.

"Aspen's stewardship, their retention of an excellent tenant base and their success in keeping the building and its common areas in prime condition were all pluses in our decision to acquire the building," Marsh said.

With the acquisition, Endeavor leases and manages about 5 million square feet of office, industrial and retail space in the Austin area.