KKR buys Austin office asset for $258m
Transactions - JANUARY 7, 2020

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KKR buys Austin office asset for $258m

by Andrea Zander

KKR has agreed to pay $258 million for Riata Corporate Park in Austin, one of the highest prices ever paid for an office property in the city.

The sellers were Switzerland-based Partners Group and Accesso Partners.

The fully leased complex encompasses eight class-A buildings totaling 688,000 square feet in the Northwest submarket.

The acquisition, which also includes a parcel, would be the first in Austin for New York City–based KKR.

Riata Corporate Park is on 56 acres at 12301B–12365 Riata Trace Parkway. It was developed between 1998 and 2000. Riata Corporate Park is fully occupied.

Only three office trades in the market’s history have topped $250 million, and only six have cleared $200 million, according to a statement by Accesso.

Recently, KKR also entered the Seattle real estate market. KKR closed two real estate transactions totaling more than $1.2 billio

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