Dallas-based Provident Realty Advisors acquires Austin office property located within Opportunity Zone
JLL selected as exclusive leasing partner for newly named “Anderson Tower”
DALLAS, March 18, 2019 – Provident Realty Advisors announced today the acquisition of 400 E. Anderson Lane in Austin. The six-story, 78,000-square-foot building, is located at the northwest corner of Interstate 35 and TX 183, six miles from downtown Austin and five miles from the Domain. Provident acquired the building as part of its National Opportunity Zone Program initiative, a program which offers federal tax benefits for investors in specially designated areas as part of the 2017 Tax Reform Bill.
The office asset is unique having a current contiguous block of more than 50,000 square feet of leasable office space. According to JLL Research, based on comparable rate ranges, there are less than ten options with blocks of 50,000-square-feet and above available.
Provident also announced today that they have selected JLL to lead the management and leasing for the property, with Property Management Senior Vice President Sam Shannon and Agency Leasing Senior Vice President Kevin Kimbrough leading their respective efforts.
“Provident Realty has a stellar reputation, and they’re making their mark in Austin by creating a tremendous opportunity for tenants looking for a large block of office space,” said Kimbrough. “With anticipated improvements, fantastic visibility from IH35 and Highway 183, and its close proximity to both Austin’s CBD and The Domain, this office property will position future tenants for long-term success.”
Planned capital improvements to the Class B building include updated interiors, open floorplans, LED lighting, polished concrete flooring, and Fiber Internet. The office property will white-box their tenant floors, significantly reducing the amount of move-in time for prospective tenants. The building branding will also be updated. JLL will market the building as Anderson Tower.
“Provident Realty is repositioning this single-tenant office building for today’s office users providing flexible, open floor plans with a modern design,” said Shannon. “We’re excited to play a role in creating an engaging work environment for future tenants.”
Prior to the start of renovations, Provident came to terms with a local law firm on a seven-year agreement to lease the top floor.
As of today, there are over 8,700 opportunity zones across the country, and over twenty zones within Travis County.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than 100 real estate projects. http://www.providentrealty.net.