Austin, TX-Aspen Properties has hired Endeavor Real Estate Group to lease and manage the majority of its local office portfolio.
The four buildings, 8303 MoPac, Colina West and Prominent Pointe I and II, total 577,654 square feet. Local firm Live Oak Gottesman previously handled the leasing and management for all four buildings.
“This is a very significant addition to our leasing and management portfolio because the buildings are prominent assets in prominent locations,” says Travis Dunaway, vice president of Endeavor, noting that Aspen owns more than 834,000 square feet of office space in the Austin market, making it one of the region’s largest office landlords. With the addition of the four Aspen buildings, Endeavor’s leasing and management portfolio exceeds 5 million square feet – about half of which is office space.
Dunaway tells GlobeSt.com that Aspen interviewed “a lot” of firms before awarding the assignment to Endeavor. “We have a strong history of creating value with similar assets, and we see eye-to-eye with Aspen in the way we look at real estate,” he says. “Both companies have a genuine desire to collaborate to do the best we can for these assets. We want to enhance the tenant experience in every way we can.”
Aspen recently received long-term loan extensions with Bank of America for the four-building portfolio, which is 83% occupied. Dunaway says improving market conditions provide opportunities for Endeavor to increase occupancy within the portfolio, as well as push rental rates and put together deals with longer lease terms.
“I don’t think the market fully understands the value proposition these buildings offer,” Dunaway explains. “Tenants haven’t looked beyond the age of the buildings – 1980s vintage for all but Prominent Pointe II – and they don't understand the amenities the properties provide.”
The 246,869-square-foot 8303 MoPac, for example, offers an exercise facility with showers and lockers, a five-story parking structure with direct access to each building level and an on-site restaurant that serves breakfast and lunch options to tenants.
Brenda Tworoger, president of Aspen Properties, notes that three elements have come together: the successful restructuring of its loan, tangibly improving market conditions and its new partnership with Endeavor. She says: “Endeavor was selected because of their stellar reputation, proven track-record and passion the team showed for enhancing the value of the assets.”
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