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Hawaii-Based Shidler Group Buys $56.5-Mil Ticket to Austin

AUSTIN-It's just the first of several buys in Texas, says the Shidler Group. Operating through its San Diego regional office, the investor has paid $56.5 million for its first Austin buy and is close to sealing a deal in Houston. Still looking in Dallas, says a partner.

By Connie Gore | Updated on January 29, 2001

AUSTIN-The Shidler Group, owner of Dallas’ Twin Towers, has paid $56.5 million for a four-building portfolio in Austin, kicking off a buying spree in Texas and its inroad to Austin. The Hawaii-based investment company plans to spend at least another $50 million to $100 million in the next two years for Texas buys, Matt Root, a partner, tells GlobeSt.com. The Shidler Group owns 700,000 sf in Dallas and one million sf in Houston. The buying spree isn’t confined to Texas; plans are to spend $150 million this year to acquire western US properties.

The first Austin buy consists of the 14-story, 175,000-sf One Commodore Plaza at 800 Brazos St. in the CBD; Two Commodore Plaza at 206 E. 9th St., a 20-story, 168,000-sf CBD office building; the Exchange, consisting of two four-story connected buildings totaling 123,519 sf at 8407 Wall St.; and the nine-story, 141,727-sf Southfield at 4000 S. Interstate 35.

“We’ve been looking for some time to find a suitable portfolio in the Austin market,” says Root. “We like that market quite a bit even though there’s a softening in the tech market.” And Southfield Realty LP had just what Shidler wanted; size and location. Three of the four buildings in the portfolio, situated on an aggregate 16.1 acres, are leased to the government.

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