Downtown Austin’s momentum continues with sale and financing of Westview
JLL Capital Markets led sales and financing efforts for the LEED-Gold, Class A creative office building
DALLAS, May 12, 2022 – JLL Capital Markets announced today that it has closed the sale and arranged financing for the acquisition of Westview, a LEED-Gold, Class A creative office building totaling 100,166 square feet in downtown Austin, Texas.
JLL procured the buyer, Arc Capital Partners, and represented the seller, Prescott Group. Additionally, JLL helped facilitate the acquisition loan.
Westview is located at 316 W. 12th St. at the intersection of Guadalupe and 12th Street in downtown Austin. The property has a live-work-play location with more than 2.9 million square feet of retail nearby and more than 3,000 multi-housing units in addition to being just blocks from the University of Texas at Austin and the Capitol. Additionally, the property is well-served by public transportation with a MetroRapid service stop in front of the building.
Recently renovated into a LEED Gold, boutique creative office building, Westview features floor-to-ceiling windows, flexible floorplates, and a new HVAC system with MERV-rated air filtration. Westview is 93% leased and offers market-leading amenities including an on-site café, conference room, fitness center with showers, bike lockers, and a rooftop terrace with panoramic views of Austin. Prescott Group acquired Westview in 2016, with the vision to renovate and transform the asset into a unique property befitting its Austin surroundings. Partnered with a local Austin contractor, The Burt Group, and Andersson Wise as the Architect the team was able to accomplish their goals.
The JLL Capital Markets debt team representing Arc Capital Partners was led by Senior Managing Director Jeff Sause, Managing Director Casey Wenzel and Analyst Matthew Ctvrtlik.
“Westview is an incredible boutique property that adds to our Austin portfolio in an increasingly vibrant and walkable location. With its Class A amenities and dramatic roof deck, Westview is exactly the kind of creative space that pulls employees back to the office,” said Neville Rhone, Jr Managing Partner of Arc Capital Partners.
“We were very happy to source a fixed-rate bridge lender to lock rate before the recent increase in rates allowing Arc to avoid hedging costs and giving them more room to execute their business plan,” Sause said.
“Westview was an interesting career project for the team at Prescott, selecting the appropriate modernization to in turn attract Austin tenants is not your cookie-cutter office renovation”, said Brian Leslie, Senior Managing Director, Acquisitions for Prescott Group. Leslie continued “Throughout the leasing and sale process we valued our relationship with our JLL Partners.”
The JLL Capital Markets sales team representing Prescott Group was led by Senior Managing Directors Andrew Levy and Todd Savage and Managing Directors Kelsey Shebay and Jeff Coddington.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Arc Capital Partners
Founded in 2013, Arc Capital Partners is a minority-owned, real estate owner-investor dedicated to redefining urban mixed-use environments. Through the lens of diversity and inclusion, Arc invests in mixed-use commercial properties with creative office, experiential retail, and multifamily components in major urban areas. In partnership with large institutional investors, Arc is currently pursuing more than $1 billion of urban real estate located primarily in the Western U.S. For more information, please visit: arccapitalpartners.com
About Prescott Group
Prescott Group was founded 25 years ago and is headquartered in Dallas, TX. Prescott is a diversified real estate investment management platform with capabilities in asset management, acquisitions, development and debt resolution. For more information, please visit: prescottgroup.com.