AUSTIN-Metzler Real Estate, a Seattle-based commercial real estate firm, sold the 226,076-square-foot TechRidge Five to GH TechRidge Five Inc. Metzler walked away from the deal with $24 million.
Located at 905 W. Howard Lane, TechRidge Five is 100% leased to NCS Pearson. Metzler acquired the property in 2006 on behalf of its sponsored fund, Metzler US Real Estate Fund I, which represents German and US high net-worth investors.
“TechRidge Five is an example of good execution on behalf of our client,” says Don Wise, president and CEO of Metzler Real Estate in a press release. “The Austin real estate market is primed for growth and we are pleased to deliver a strong return for our client with this disposition.”
Matthew Paddock, managing director with Metzler, managed the sale of the property. Jack Fraker and Josh McArtor with CBRE were the listing brokers.
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