AUSTIN—Dallas-based Velocis has sold two class A Austin office buildings to Wedge Group, a Houston-based private equity firm.

Totaling more than 170,000 square feet in prime Austin submarkets, the assets, Arboretum Atrium and Las Cimas I, were purchased by Velocis in 2013 from Moore&Associates, an investor, owner and operator of commercial office properties, who retained an ownership position and managed and leased the properties as Velocis' partner.

"We were able to secure the assets two years ago despite what was, and continues to be, a very competitive Austin office market,” Mike Lewis, Velocis principal, told GlobeSt.com. “We identified opportunities to unlock value in both assets and by executing our strategy, we achieved our goals for our investors in advance of our original forecasted timeline."