CalSTRS has sold its stake in two buildings in Austin, Texas.
The first, One Congress Plaza, is the 8th tallest building in Austin and a city landmark. The second, San Jacinto Center, is a 21-story office building also located in downtown Austin.
From IPE Real Estate:
Parkway Properties said it has unwound its joint venture with CalSTRS in Austin, Texas, taking the latter’s 60% interest in San Jacinto Center and One Congress Plaza.
The deal gives Parkway full control of the two properties.
Parkway also said it has transferred its 40% interest in Frost Bank Tower, 300 West 6th Street and One American Center to CalSTRS.
Overall, the deals resulted in net proceeds of around $43.6m (€34.7m).
CalSTRS could invest up to $2bn in global real estate over the next 12 months, as reported earlier this year.
The US investor is planning to deploy between $1bn and $2bn in core and value-added strategies in the US, Latin America, Western Europe and Asia.
During the same period – the 2014-15 fiscal year – CalSTRS will reduce its exposure to opportunistic real estate investments.
CalSTRS manages $22 billion in real estate assets.
Photo by Stephen Curtin