Shorenstein Properties Completes the Sale of the Bravo Building in Mueller Business District

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Mar 21, 2024, 16:15 ET

Sale Marks the Completion of Teacher Retirement System of Texas Campus

SAN FRANCISCO, March 21, 2024 /PRNewswire/ -- Shorenstein Properties LLC ("Shorenstein"), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the final sale of the Bravo Building ("the Property") to the Teacher Retirement System of Texas ("TRS") as the second part of the TRS campus purchase to relocate its headquarters. Terms of the transaction were not disclosed.

The Bravo Building is a six-story, 248,000 square-foot office building located in the Mueller Business District, a vibrant mixed-use neighborhood in East Austin with an abundance of retail, housing, and outdoor green spaces. It was designed by Page Southerland Page and incorporates sustainable design elements such as high-efficiency windows and mechanical systems as well as 13'3" floor-to-floor heights, and 40,000 square foot floor plates. The property also includes an 845-space parking garage.

The Bravo Building is the second of four buildings Shorenstein has planned in the Mueller Business District that will total approximately 800,000 square feet. The remaining Charlie and Delta buildings, not part of the sale to TRS, were recently permitted for construction, and will contain about 330,000 square feet of class A office and/or laboratory space. The unique design includes significant outdoor amenity space, high floor-to-floor heights of 15'4" to 17'4" and lab-ready infrastructure including the ability to accommodate up to 6.4 megawatts of power.

About Shorenstein Properties LLC
Shorenstein Properties LLC is a privately-owned, real estate firm that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has acquired $19 billion in assets (as of December 31, 2023). Using its integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.

Contacts

Shorenstein
Sarah Salky / Woomi Yun / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449
[email protected]

SOURCE Shorenstein Properties LLC