Helen Jobes of Austin's Gold Eagle Investments represented Paskin and Randy Beaman of the DuPont Group handled talks for the seller. Shidler still owns three other Austin buildings: the 164,741-sf 800 Brazos building, 168,000-sf Two Commodore building in the CBD and 141,727-sf Southfield building in the south submarket.
Terms were not disclosed, but the asking price was $12.5 million. Jobes said Paskin, who had 1031 money from selling a Fort Worth property, was looking for a single-tenant building. The Exchange is occupied by offices of the Texas Department of Health and Texas Department of Human Services. A five-year lease renewal started in January.
The Exchange is not the typical Walnut Creek-area industrial-type building. A high-end class B building, it has amenities such as glass elevators and four restrooms for each floor. It sits on a hill and the top floor affords a view of the downtown skyline.
Built in 1986, the Exchange delivered during a down market and remained empty, eventually going up on the foreclosure block. The Shidler Group bought it and the other Austin buildings in early 2001.
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