JLL closes sale of 188-acre campus in Austin, Texas
Research Park is located within Austin’s Silicon Hills area
DALLAS, August 7, 2019 – JLL announced today that it has closed the sale of Research Park, a 1.11 million-square-foot office and industrial development as well as 94.8 acres of undeveloped land in northwest Austin, Texas.
JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.
Originally part of a 466-acre tract owned by Texas Instruments, Research Park comprises 1.05 million square feet of manufacturing space that is leased to a subsidiary of Flex, Ltd., the third largest global electronics manufacturing services company.
Research Park is positioned on 188 acres off US 183 at 12455 and 12515 Research Boulevard in the in the heart of the Northwest Austin technology triangle, the birthplace of “Silicon Hills.” In addition to a strong corporate presence, the triangle area is known for its schools, convenient highway access, housing and amenities.
Flex, Ltd. joins a notable list of Fortune 500 companies in Parmer Innovation Centers’ current global portfolio. In Austin, Parmer Innovation Centers has developed more than a million square feet of Class A office to date at its Parmer Austin Business Park, with an additional 315,000 square feet under construction of Class A office slated to be deliver in the first quarter of 2020, as well as designing/permitting an additional 750,000 square feet and a best-in-class amenity district known as Parmer Pond. The Austin tech-centric park is in North Austin and a short drive from Research Park.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
About JLL
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 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is an internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States. Equity Commonwealth is based in Chicago, Illinois.
About Parmer Innovation Centers
The Parmer Innovation Centers portfolio is comprised of seven global corporate campuses that include Parmer Austin, Parmer Research, Parmer Riata, Parmer RTP, Parmer West, Parmer Waterside and Parmer UK. The mission is to create environments where inspired entrepreneurship and strategic forward thinking unite to create value. Parmer Innovation Centers includes more than five and a half million square feet of workspace and over five hundred and fifty thousand developable acres in the United States and the U.K. Visit www.parmerinnovation.com to learn more.