Los Angeles-based Kilroy Realty has entered the Austin market with the acquisition of Indeed Tower for $580 million. The 36-story, 730,000-square-foot office property is LEED-Platinum certified and located in the Austin's central business district.

Indeed Tower is 57% leased. Indeed.com is the largest tenant in the building, occupying 42% of the property through 2034. Kilroy plans to drive value through the strategic lease up of the property, and there is a lot to offer. The building has 30,000-square-foot floor plates and offers tenants 10,000 square feet of ground floor food and beverage space and 30,000 square feet of outdoor deck space.

John Kilroy, the company's chairman and CEO said that the property seamlessly fits within the firm's "strategic and property objectives." Those objectives include the properties location within a growing tech hub that includes major tenants like Facebook, Google and Box, and the ability to drive value through a lease-up campaign. This acquisition is the first of what will likely be an ongoing expansion in Austin.