The six-story building is located in the Wienerburg submarket. "Our team improved the physical plant and exterior while renegotiating the major leases to new 10-year terms, creating significant value," Marc Brutten, chairman of the San Diego-based Westcore, says in a press release. In addition to the office building, the Philips buy-out yielded High Tech Center, an office and technology park, and Tech Park Vienna, a logistics and office park.

Westcore Sarl oversees European operations. It has acquired 1.6 million sf of office and industrial buildings in Austria in the past 15 months. In May, Westcore launched Airport Development Partners SA to acquire, operate and develop regional airports in Europe, with projects being pursued in Austria, Switzerland and Poland.