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Riverside buys Lavaca Plaza office building in Austin

Lavaca Plaza totals 122,042 square feet and has a 46.2% vacancy rate, ConnectCRE reported.

Reported · Written up by our desk · Commercial

Private equity firm Riverside acquired Lavaca Plaza, an 11-story office building in Austin, Texas, according to ConnectCRE.

The property contains 122,042 square feet of office space, and Unico Properties sold the asset.

ConnectCRE said Commercial Search reported Unico paid $61.4 million for the building in 2015, and JLL suggested the site could be a candidate for a redevelopment play.

ConnectCRE also reported that Lavaca Plaza, completed in 1981, has a 46.2% vacancy rate and includes 476 parking spaces on the first through seventh floors, plus amenities such as an on-site café, conference rooms, showers and a bike locker.

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