JLL Capital Markets announced today that it has closed the sale and arranged financing for the acquisition of Westview, a LEED-Gold, Class-A creative office building totaling 100,166 square feet in downtown Austin, Texas.
JLL procured the buyer, Arc Capital Partners, and represented the seller, Prescott Group. Additionally, JLL helped facilitate the acquisition loan.
Westview is located at 316 W. 12th St. at the intersection of Guadalupe and 12th Street in downtown Austin. The property has a live-work-play location with more than 2.9 million square feet of retail nearby and more than 3,000 multi-housing units in addition to being just blocks from the University of Texas at Austin and the Capitol. The property is well-served by public transportation with a MetroRapid service stop in front of the building.
Recently renovated into a LEED Gold, boutique creative office building, Westview features floor-to-ceiling windows, flexible floorplates, and a new HVAC system with MERV-rated air filtration. Westview is 93% leased and offers market-leading amenities including an on-site café, conference room, fitness center with showers, bike lockers, and a rooftop terrace with panoramic views of Austin. Prescott Group acquired Westview in 2016, with the vision to renovate and transform the asset into a unique property befitting its Austin surroundings. Partnered with a local Austin contractor, The Burt Group, and Andersson Wise as the Architect the team was able to accomplish their goals.
The JLL Capital Markets debt team representing Arc Capital Partners was led by Senior Managing Director Jeff Sause, Managing Director Casey Wenzel and Analyst Matthew Ctvrtlik.
The JLL Capital Markets sales team representing Prescott Group was led by Senior Managing Directors Andrew Levy and Todd Savage and Managing Directors Kelsey Shebay and Jeff Coddington.