x
Breaking News
More () »

Downtown Austin's Indeed Tower being sold for $580 million

The deal makes it the largest office transaction in Austin's recent history, according to Kilroy Realty.

AUSTIN, Texas — A commercial real estate developer is spending more than half a billion dollars on a Downtown Austin office building.

Kilroy Realty announced it had closed a deal on the Indeed Tower worth $580 million. The deal makes it the largest office transaction in Austin's recent history, the real estate agency says.

“I can’t overstate how well Indeed Tower fits with our strategic and property objectives. It is arguably the best building in Austin, is in one of the best locations, provides us with scale that will support future growth, is anchored by an investment grade technology tenant and provides a value-add opportunity through lease-up in an office market that is strengthening,” said John Kilroy, the company’s chairman and chief executive officer.

The Indeed Tower is the largest office property in Austin by square feet, the real estate company says. The tower is 36 stories tall, totaling approximately 740,000 square feet. It also includes a private urban plaza and a 35,000-square-foot historic post office reimagined into creative flex space. 

Nearly 57% of the building is leased, with 42% of the space leased through 2034 to Indeed.com

PEOPLE ARE ALSO READING: 

Austin's airport receives $61M in federal grants from FAA

Austin's housing boom: New study shows which zip codes are seeing most growth post-pandemic

Austin's high housing prices could be the new normal, expert says