Austin is in the spotlight for San Francisco real estate companies with a special interest in the tech industry. Drawbridge Realty Trust recently purchased StoneCreek Park, which is located on Duval Road, for $16.9 million. It is a “76,910 square-foot Class A office building with a life sciences bent.” This is not the company’s first purchase in the Austin area. Drawbridge Realty Trust also owns three other local buildings ranging from 12,000 to 118,000 square-feet, all of which are associated with the science, technology, engineering and mathematical fields. Todd Mills, executive vice president for CBRE Group Inc. says, “The reasoning is pretty clear. A lot of these companies only invest in tech markets, so they’ve been invested in Silicon Valley and see what’s happening in Austin.” Drawbridge is among four other major players in the industry from the Bay Area. As long as the Austin market continues to depend on the tech industry for growth, the interest and focus of San Francisco investors is expected to heighten.
Information Source:
Buccholz, Jan. “Bay Area continues to take bits of Austin.” Austin Business Journal 29 Nov. 2013: 7. Print.
