California pension fund and JV partner trade Austin assets
The $189.08 billion California State Teachers’ Retirement System and its joint venture partner Parkway Properties have traded interests in five properties in Austin.
As part of the agreement, Parkway acquired CalSTRS’ 60 percent interest in San Jacinto Center and One Congress Plaza, resulting in 100 percent ownership of these assets. In addition, CalSTRS has purchased Parkway’s 40 percent interest in Frost Bank Tower, 300 W. Sixth St. and One American Center. Parkway also received net proceeds of approximately $43.6 million from CalSTRS in connection with the transaction.
The 21-story San Jacinto Center and 30-story One Congress Plaza total 926,000 square feet and are located adjacent to each other in Austin’s CBD. CalSTRS’ purchases total approximately 1.5 million square feet and are also located in Austin’s CBD.