The recently closed deal puts the institute in Westlake Oaks B, a 12,000-sf building in the Westlake Oaks office park in the southwest submarket. The seller was Westlake Oaks Associates.
"We looked at all sorts of options from direct leasing, to subleasing and then this particular building, which we think best suits their needs long term," Greg Johnston, a broker with Colliers International's Austin office who represented the buyer. Janet Wise and Mike Wiley, both of Austin-based Stanberry & Associates, acted on behalf of the seller.
The institute is a nonprofit organization that collects and disseminates data on non-marital pregnancies and sexually transmitted diseases. It was founded in 1992 by Dr. Joe S. McIlhaney Jr., a gynecologist. It is moving from space at 2602 Dellana Dr., also in the southwest submarket.
The building was what the institute was looking for and, after negotiations, the owner was willing to sell it, Johnston says, adding that it took a lot of legwork to track it down.Johnston tells GlobeSt.com that the Westlake Oaks building offers the institute room to expand. Presently, he says, the institute will share the building with a tenant, LBG-Guyton Associates, which provides consulting on ground water and environmental issues. It occupies 6,000 sf, leaving the other 6,000 for the institute. "They are a very, very good tenant in the building and the medical institute is very happy to have them there," Johnston says.
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