Ryman Hospitality Properties Inc., a real estate investment trust, has agreed to purchase the property by assuming approximately $142 million in existing mortgage debt and paying the remainder of the purchase price in cash.

"Savills helped us obtain over 100 confidentiality agreements from domestic and foreign investors, arrange more than 20 in-depth property tours, and receive multiple bids from several high-profile suitors," said William H. Armstrong III, chairman of the board, president and CEO of Stratus. "Ultimately, based upon Savills' advice, we decided Ryman was just the best fit. Their expertise in hospitality and live entertainment make them the ideal company to usher Block 21 and ACL Live into the next decade."

Rotchford explains the appeal of Austin as compared to New York and San Francisco.

"The investment sales market in Austin is strong. Austin has gone from being the best secondary city to ranking among the top tier, measured against cities like New York and San Francisco. International and domestic demand for Block 21 was tremendous from traditional core buyers, hotel investors, family offices and strategic buyers," Rotchford tells GlobeSt.com. "This deal highlighted the attractiveness of Austin and will likely lead to continued robust volume in the local investment sales market."

Available class-A space in Austin's most desired submarkets has been rapidly decreasing, evidenced by an all-time-low class-A availability rate of 8% in the CBD as of third quarter, according to a Savills office report. This lack of availability in prime locations has forced sizeable occupiers to look elsewhere to find large blocks of contiguous space. In fact, there are only two contiguous existing options in the core greater than 50,000 square feet.