Ascentris has sold Paloma Ridge, a three-building, 376,000-square-foot, class A office campus in the Northwest submarket of Austin. A sales price was not disclosed.
Recognizing the potential for growth in Austin, which is now one the largest technology districts in the country and aptly known as “Silicon Hills,” Ascentris acquired the property in 2017. At the time, Buildings A & B (211,000 square feet) were 70 percent occupied. Within nine months, Ascentris executed 65,000 square feet of new leasing to bring the property to 100 percent leased. Shortly after that, Ascentris commenced construction of a third building, Paloma Building C (165,000 square feet), with developer Stream Realty Partners.
“Austin’s growth story is obvious, but the Northwest had previously been overlooked, despite strong demographic trends pushing both employers and employees north,” said Baird Elam, Ascentris associate. “The strong demand experienced with the lease-up of Buildings
