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T. Stacy & Assoc Buys 210,000 SF Park 22

AUSTIN-The real estate firm, long a mainstay in downtown Austin, branches out to the northwest submarket, promising aggressive marketing of three-building complex on RM 2222. $1 million in renovations are planned as part of the campaign.

By Tim Green | Updated on July 16, 2002

AUSTIN-T. Stacy & Associates is venturing outside Austin’s CBD with the purchase of Park 22, a three-building complex in the northwest submarket. And the firm is doing it with a “let’s make a deal” attitude in order to fill up the complex’s 210,000 sf.

“Based on Park 22′s purchase price, we knew we could aggressively market the property,” says Tom Stacy, the firm’s president. “Park 22 will be able to offer some of the most competitive leasing opportunities for Class A space in the Austin market.”

Stacy declined to disclose the price his firm and partner Chicago-based Walton Street Capital paid the Park 22 RIG LP for the buildings, which are about 35% occupied. He does say that they can be aggressive on rents, perhaps more so than other building owners in the northwest submarket, and still make money on the project. The property’s assessed market value was $19.65 million, according to the Travis Central Appraisal District.

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