Avison Young brokers sale of 3208 Red River Street in Austin, TX25 Mar 2019
Austin, TX – Avison Young, the world’s fastest-growing commercial real estate services firm, announced that it has negotiated the purchase of 3208 Red River Street in Austin, TX.
A 20,762-square-foot (sf) office building in the growing Central submarket, 3208 Red River serves as Austin headquarters of the YMCA, which is the building’s tenant. The property, is located near the University of Texas’ Dell Medical School and minutes from downtown Austin.
Corey Martin, Avison Young Principal and Managing Director of the firm’s Austin Office, Andrew Alizzi, an Associate in Austin, and Chad Williams, a Vice President in Austin, represented the buyer, a private investor client. Avison Young will be responsible for leasing and managing the asset as well. HFF represented the seller, Drawbridge Realty Trust. The purchase price was not disclosed.
“The purchase of this asset provides our client with a value-add investment well located on the property of Downtown and will benefit from continued pressure of rising rental rates within the Austin CBD,” comments Martin.