AUSTIN, Texas (Aug. 23, 2021) – Unico Properties, a commercial real estate investor, developer, and full-service operator known for transforming the built environment through innovative, people-focused building experiences, announced the sale of Bouldin Creek, the company’s first ground-up development in the Austin market,
to DivcoWest for an undisclosed price. The 170,000-square-foot, five-story class A office building is located at 2043 S. Lamar Blvd. in South Austin.
“With the number of companies relocating and expanding here, Austin has become one of the strongest markets in the country for growing businesses, making it especially attractive for investors looking for office developments like Bouldin Creek that set new standards for the market,” said Sarajane Goodfellow, Market Leader for
Unico Properties. “This sale marks an important milestone for Unico as we look ahead towards new development and investment opportunities that aim to enhance the spirit and vibrancy of Austin’s business community.”
The South Austin office market has experienced significant growth over the past few years and has weathered recent pandemic-related challenges well. Average gross direct office rents in the submarket are up 20.6% in three years. This type of rental rate appreciation, especially when coupled with top-notch design and construction and attractive amenities like those at Bouldin Creek, is frequently sought after by investment firms looking for the best-possible yields.
Earlier this year, Proud Mary, a Melbourne-based coffee roaster and café, signed a long-term lease for a 2,500-square-foot retail space on the ground level of Bouldin Creek. The office space above features 50,000-square-foot average floor plates to accommodate flexible workplace configurations, accessible by four elevators.
Pursuing LEED Gold certification, the office building offers floor-to-ceiling windows, large rooftop terraces, two acres of green space overlooking the Barton Creek Greenbelt, a cutting-edge fitness center, locker facilities, electric car-charging stations and bike storage. The building is also centrally located to many restaurants, including Bouldin Acres, Loro, Patika, Black Sheep Lodge and Austin Beer Garden.
Co-developers Manifold Real Estate and OakPoint Real Estate acquired the land in 2018 and managed the ground-up development process. Additional project partners include Michael Hsu Office of Architecture, Studio8 Architects, White Construction Company and Nudge Design.
Unico Properties’ current portfolio includes office, multifamily and mixed-used properties totaling 18 million square feet across multiple markets, including Austin, Seattle, Portland, Denver, Nashville and Salt Lake City. For more information about Unico Properties, please visit unicoprop.com.