JV Sees Value of Tech Corridor Office Campus

The campus has room for expansion of a new 64,550-square-foot office building.

AUSTIN, TX— Riata Corporate Park is an eight-building, 688,433-square-foot office campus in northwest Austin’s rapidly growing technology corridor. Accesso Partners LLC of Hallandale Beach, FL and Partners Group of Baar-Zug, Switzerland formed a joint venture to own and operate the campus. The joint venture gives Partners Group an ownership interest in the 51-acre office park adjacent to Apple ‘s new $300 million Austin campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox . The property has room for an expansion with a 5.64 acre parcel that is fully permitted and entitled for development of a new 64,550-square-foot office building. “We are extremely pleased and honored to be a partner with Partners Group, one of the largest and most respected global private equity investors and managers in real estate today,” said Ariel Bentata , managing partner, investments and a co-founder of Accesso Partners. “We feel this will be a particularly compatible and productive partnership because we share Partners Group’s investment philosophy of investing in high-quality, well-located real estate in strong growth markets. Riata Corporate Park in Austin fits that description.” Austin currently has 5,000 technology companies, strong economic growth  and a low 3.1% unemployment, according to a spokesperson for the Austin Chamber of Commerce . Charisse Bodisch , senior vice president, economic development for the chamber, tells GlobeSt.com:  “We’ve had 439 technology companies relocate to Austin in the last 11 years attracted by our employee base, lifestyle and our tax environment among other factors. Some 129 of the companies relocated from California, 74 from elsewhere in Texas, 49 from outside the US, 42 companies from the Northeast. Austin is a good cultural fit for many of the relocating companies, even the international ones.” That international influence is shared by Bentata, who tells GlobeSt.com: “We’re confident you will be seeing greater foreign investment  in Austin, particular in office properties that were either designed for, or that  appeal to technology and consulting companies. International institutional investors take the long view and Austin has an educated, talented and entrepreneurial workforce, intellectual capital, a balanced lifestyle and plenty of room to grow.” Since Riata was acquired by Accesso in mid-2015, ownership has signed long-term leases with TriNet , an HR consulting firm, for 33,557 square feet, and with Zscalar , an Internet security firm, for 9,775 square feet. A Whole Foods Café has also opened which has been very well received by the tenants, says Brian Rosen , Accesso’s managing director of acquisitions. Rosen notes that Riata Corporate Park, built between 1998 and 2000, has “always been an attractive work environment” for corporate and technology companies, largely because of its park setting on 51 wooded acres and its offering of first-class amenities. Riata has an above average parking ratio of 5.0 spots per 1,000 square feet and quick access to Highway 183, one of Austin’s major thoroughfares, he noted. “We look forward to working together with Accesso Partners on this acquisition,” said Ron Lamontagne , managing director in Partners Group’s New York office. “Austin is a market we know and like, having invested there previously in the residential development sector. The purchase of Riata Corporate Park plays to Austin’s strength as a growing US technology hub and we are excited to build on that growth with such a well-respected nationwide investment partner.” West Point Partners, a New York City-based real estate investment and advisory firm, brought Acesso and Partners Group together to form the venture.