BARINGS FULLY LEASES 701 RIO OFFICE BUILDING IN AUSTIN, TX

CHARLOTTE, N.C., March 16, 2022 /PRNewswire/ -- Barings, one of the world's leading investment management firms, along with its development partner B&Z Development, announced today that it has agreed to a full building lease at its new 124,000 square foot 701 Rio office building in downtown Austin, Texas. The long-term lease was executed in December 2021. The technology-based tenant has not been disclosed.

701 Rio, located at the northeast corner of Rio Grande Street and West 7^th Street, contains five stories of office space, five levels of subterranean parking, and sought after tenant amenities including a 4,300 square foot rooftop terrace with compelling downtown views, a fitness center, and secure bike and scooter storage. The location provides live-work-play opportunities within blocks of the asset including multiple hotels, single- and multi-family residential housing, retail stores, restaurants, bars, and public transportation. 701 Rio has achieved Austin Energy Green Building 1-Star certification. The project broke ground on January 8, 2020 and reached substantial completion on August 19, 2021.

"701 Rio illustrates Barings' strategy of owning high-quality, amenity-rich office properties in major markets with growing STEM employment bases," said Deb Schwartz, Managing Director and Portfolio Manager for Barings U.S. Real Estate. "Barings has a long and successful track record of investment in Austin, and we were pleased to partner with B&Z Development on this outstanding project."

Rachel Coulter, Travis Rogers, and Kevin Kimbrough with JLL represented Barings on the lease transaction.

Barings is a $391+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of December 31, 2021

B&Z Development, formed in 2007, is the development firm of long time Austin real estate investors and developers Jason Berkowitz and Diana Zuniga. Berkowitz is the founder and CEO of RPM Living, a multifamily management, investment and development company, and Zuniga is the owner and president of Investors Alliance, Inc., a real estate firm she founded in 1996 specializing in investment property sales and acquisitions.

Cheryl Krauss, Barings, 980-417-5858, [email protected]

22-2078918

SOURCE Barings