Press Release: Aquila Marketing Historic CBD Property For Sale
Oct 8, 2007
Aquila Commercial
Aquila Marketing Historic CBD Property For Sale
Plan for 804 Congress shifts from condos to sale of entire building
AUSTIN - October 8, 2007 - Tierra Capital LLC has retained Aquila Commercial LLC to market and sell 804 N. Congress Avenue on its behalf.
The historic office building, just three blocks from the State Capitol, occupies the high profile corner Northwest corner of Eight Street and Congress Avenue. Originally purchased by Tierra Capital with the intent to convert the property into office condominiums, Tierra changed strategies after consulting with Aquila and is now selling the building as a whole. In the last year, Tierra has diligently restored several of the building's historic features.
Stefan Whitwell, CEO of Tierra Capital notes that "there are significant benefits to keeping the building under one owner which an owner-user would appreciate, such as being able to control valuable Congress facing signage." He also mentioned tax planning played a role in their decision to selling the building as a whole.
With just under 40,000 square feet, the building is one of the largest office spaces for sale in the Central Business District, or CBD, notes Jay Lamy, principal with Aquila.
"Large blocks of space are in high demand downtown, and 804 Congress offers an incredible opportunity for someone to own a unique and historic property in the heart of the urban core," Lamy says.
Additionally, Lamy notes the building would be ideal for a company anticipating future growth. Approximately 14,000 square feet of space could be made available immediately, while waiting for the rest of the leases to expire. The first, fifth and sixth floors are fully occupied by a prominent marketing and business consulting company. The fourth floor, which features a spectacular 880-foot balcony overlooking Congress and all of downtown, is occupied by two tenants. Leases expire on the majority of the space at the end of 2009.
804 Congress has a long and rich history with famous tenants like Texas' first native-born Governor James S. Hogg and Texaco, which was founded on the third floor. The Austin Planning Commission designated the building a historic structure, one of only 15 on Congress Avenue. Although the façade was built in 1897, a six-story addition went up in the rear of the original building in 1984 to complete the structure that stands today.
About Aquila Commercial
Harkening the powerful and noble Aquila eagle, Aquila Commercial LLC is a full-service commercial real estate firm based in Austin, Texas. Launched in January 2007, a group of six core founders have a combined total of more than 80 years of direct industry experience working for major national companies from CB Richard Ellis to the Trammell Crow Co. Recognized by their peers and publications as some of the top producers in their respective disciplines, Aquila Commercial seeks to emulate the Aquila eagle's reputation for flying high and maintaining the sharpest vision.
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