JLL Capital Markets announced today that it has closed the sale of Congress Commons, a fully leased, 50,244-square-foot mixed-use creative office and retail property in the heart of downtown Austin, Texas.
JLL marketed the property on behalf of the seller, Asana Partners. Clarion Partners purchased the asset on behalf of Clarion Partners Real Estate Income Fund (CPREIF).
Originally built in the late 1800’s and early 1900’s, Congress Commons brings together three historic Austin properties – the McKean-Eilers, Day and Swift buildings – that were once home to some of the most successful businesses of the day, including the Swift Meat Packing Company and Davis Hardware. Repositioned in 2013 into a mixed-use creative office property, Congress Commons is fully leased to Accenture, One Medical, Sushi Junai, Swift’s Attic and the Elephant Room.
The property is positioned along one of Austin’s most heavily trafficked streets – Congress Ave., between 3rd and 4th Streets. This location is in the heart of downtown Austin offering walkability to a world-class amenity base comprising more than 190 dining, 140 entertainment and 135 retail options. The property also has direct access to Austin’s best outdoor amenities, including Lady Bird Lake and the 10-mile hike and bike trail. In addition, Congress Commons is accessible from nearly all of Austin’s trendiest spots, including the Capitol Complex, UT Health District, Innovation District, Market District and Rainey Street District.
Austin has witnessed tremendous demand throughout the last decade with more than a 75% growth in population. The tech surge is predicted to continue to boost the Austin economy with a more than 20% population growth predicted through 2025.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Ryan Shore and Chris Gerard, Managing Director Kelsey Shebay, Senior Associate Patrick McCord and Analyst Erin Lazarus.