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KBS sells 26-story Austin office tower in $267,956-square-foot deal

The buyer is a Palmatum Ventures, AQUILA, and Glendon Capital Management joint venture, and KBS invested more than $15.5 million in renovations during its ownership.

Reported · Written up by our desk · Commercial

KBS completed the sale of 515 Congress, a 26-story, 267,956-square-foot Class A office tower in downtown Austin, Texas, at the corner of Congress Avenue and Sixth Street, according to ConnectCRE.

ConnectCRE said a joint venture of Palmatum Ventures, AQUILA and Glendon Capital Management acquired the property, and JLL represented KBS in the transaction.

During its ownership, KBS invested more than $15.5 million in capital and base-building improvements, including renovations to the lobby, tenant lounge and conference facilities, plus modernization of the elevators.

JLL Capital Markets brokers Mike McDonald, Jonathan Napper, Ryan Stevens and Drew Fuller represented KBS in the sale, ConnectCRE added.

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