Jeff Coddington and Graham Turney of Colliers International represented the Herndons and Robert Crain of Robert Crain & Associates Realtors represented HHS.
While the purchase price was not disclosed, the assessed market value of the building was $1.3 million, according to the Travis Central Appraisal District.
Companies are taking advantage of the record low interest rates and down market, as this deal marks the latest of several purchases in downtown Austin in recent months. Sources tell GlobeSt.com that the purchases are a hedge against rate increase when the market turns around.
Other recent owner-occupier deals in Austin include the Medical Institute for Sexual Health's purhase of the Westlake Oaks B in the southwest submarket and Aus-Tex Printing, which bought the former Celis Brewery in the northeast submarket.
The Koppel building's tenants are the Tate Austin advertising/public relations firm and the Herndon Stauch & Associates: a project management and construction management firm in which Dealey Herndon is a partner. Herndon Stauch is expected to move to make room for HHS while Tate Austin is expected to stay on the building's first floor.
Since its inception, the building has housed a seed store, a candy store, a beer distributorship, a bookstore, a bar and hotel and boarding house.
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