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.
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