CS REF International buys office property in Texas
Credit Suisse Asset Management has acquired the Third+Shoal office tower in downtown Austin, the capital of the US state of Texas, for CS REF International.
The 29-story Class AA office building was completed this year and is fully leased, with a weighted average lease term of approximately ten years. It has 34,835 sq. ft. of space, an additional 650 sq. ft. of ground-floor retail, a twelve-level garage that can accommodate 865 vehicles, a 370 sq. ft. rooftop terrace and a bike station.
Credit Suisse Asset Management Global Real Estate has acquired Third+Shoal for Credit Suisse Real Estate Fund International (CS REF International). It is the largest property in the portfolio of the internationally investing fund, according to Credit Suisse. The sellers were TIER REIT, Invesco Real Estate and Cielo Property Group; JLL subsidiary HFF acted as advisor to the sellers.
"Austin's population is expected to double in the next 25 years," Martin Lamb, global head of acquisitions and sales at Credit Suisse Asset Management Global Real Estate, comments on the investment. The property in emerging Austin fits the strategy of strengthening real estate asset allocation in fast-growing metropolitan areas, says Christoph Schumacher, head of global real estate at Credit Suisse Asset Management. (ah)
