Case Study

Austin Portfolio

CBD submarket
2.42M size
757M at purchase
1.06B upon sale

Corporate Expertise

In December 2013, Legacy Parkway completed the $1.2 billion acquisition of Thomas Properties Group (NYSE: TPGI), a public real estate company with 19 assets in four states.

The management team identified Austin as a target market and, through the merger with Thomas Properties Group, Legacy Parkway acquired seven assets, totaling 4.9 million square feet located in Houston and Austin. The Austin portfolio, acquired through the merger, totaled 2.4 million square feet in the Austin CBD submarket.

Austin buildings

Investment Acumen

At the time, Thomas Properties owned assets in Los Angeles, Philadelphia, Austin and Houston. Simultaneously with the closing of the merger, we completed the disposition of 5.3 million square feet of non-core office and land assets in Philadelphia and Los Angeles.

Learn how we repositioned a 22-asset portfolio to acquire three Class A assets in Tampa, FL.