KBS has completed the sale of 515 Congress, a 26-story, 267,956-square-foot class A office tower at the corner of Congress Avenue and Sixth Street in downtown Austin. A joint venture of Palmatum Ventures, AQUILA and Glendon Capital Management acquired the property. JLL represented KBS in the transaction. 515 Congress was owned by KBS Real Estate Investment Trust III, an affiliated KBS real estate investment trust.
According to Giovanni Cordoves, KBS’ western regional president, the sale reflects the performance of amenity-rich class A office assets and the firm’s disciplined, strategic approach to ownership. “515 Congress averaged more than 91 percent occupancy over the past decade, reflecting the consistent investment and active management of the property through multiple market cycles,” said Cordoves. “Our deep knowledge of the Texas market, combined with disciplined underwriting, enabled us to complete a timely sale to a well-capitalized ownership group.”
