ABJ: SXSW buys downtown Austin building
Oct 12, 2010
http://www.bizjournals.com/austin/stories/2010/10/11/daily19.html
South by Southwest festival organizers have bought a 20,828-square-foot downtown office building and parking garage, according to a broker on the deal.
The three-story building is currently home to the Graeber Simmons & Cowan Inc. firm and has been on the market for about two years. The deal with Austin's growing music, film and interactive event closed Sept. 30 for an undisclosed amount.
The new SXSW office is across 5th Street from Whole Foods Market Inc. headquarters at 400 Bowie St. Victor Young of Aquila Commerical represented SXSW in the deal.
SXSW Director Roland Swenson said the building will allow the group to consolidate staff to one location. The team is currently working from six building on E. 40th Street near The Chronicle. The alternative news publication is buying four of the SXSW buildings.
Swenson said the festival wanted to stay Central, and was looking at four options downtown.
"We started looking around and found it really hard to find something larger than 10,000 square feet, but smaller than and 100,000. There wasn't much between, unless we went to Research or far south," he said.
"We liked the Bowie building because it's not so much of an executive space, but has a creative work place feel with high ceilings, large open areas."
The GS&C architectural firm, which has occupied the building for the past decade, is reportedly moving to leased space in the Barton Oaks III complex on Mopac. SXSW will move in sometime late next month, or in early December.
Chris Perry and Jay Lamy, also of AQUILA, represented the seller Fifth & Bowie I LP. HPI Real Estate Investment Services & Investments also reportedly worked on the deal.
