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Harcourt Building Reportedly Brings About $39M

AUSTIN-Talk around town is Wells REIT paid about $200 per sf for the 195,230-sf Harcourt Building in the northwest submarket. The single-tenant building comes with a 10-year lease, in keeping with Wells' buying strategy.

By Tim Green | Updated on August 15, 2002

AUSTIN-Wells REIT has walked away with one of Austin’s most attractive office properties. The Atlanta-based company bought the Harcourt building, a 195,230-sf building in the northwest submarket.

Wells declined to discuss the price, but brokers say it was around $200 per sf, about $39 million. The seller was CarrAmerica Realty Corp., based in Washington, DC. Mark McAllister, a broker with the Austin office of Los Angeles-based CB Richard Ellis Inc., represented CarrAmerica.

The seven-story building has something that many Austin building owners would like: a long-term tenant that occupies the entire building. The tenant, Harcourt Inc., an educational publisher, has a 10-year lease. Harcourt consolidated the offices of its Holt, Rinehart & Winston and Steck-Vaughn divisions into the building.

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