Accesso Partners, LLC of Hallandale Beach, FL. and Partners Group of Baar-Zug, Switzerland jointly announced today they have formed a joint venture to own and operate Riata Corporate Park, an eight-building, 688,433 square foot office campus in northwest Austin’s rapidly growing technology corridor. Accesso was advised by West Point Partners, LLC of New York, NY.
The joint venture gives Partners Group an ownership interest in the 51-acre office park adjacent to Apple’s new $300 million Austin campus. Riata’s major tenants include Accenture, Quality Systems, NetSuite and Xerox among others. The property has room for an expansion with a 5.64 acre parcel that is fully permitted and entitled for development of a new 64,550 square foot office building.
“We are extremely pleased and honored to be a partner with Partners Group, one of the largest and most respected global private equity investors and managers in real estate today,” said Ariel Bentata, managing partner, investments and a co-founder of Accesso Partners. “We feel this will be a particularly compatible and productive partnership because we share Partners Group’s investment philosophy of investing in high-quality, well-located real estate in strong growth markets. Riata Corporate Park in Austin fits that description.”
“We look forward to working together with Accesso Partners on this acquisition,” said Ron Lamontagne, managing director in Partners Group’s New York office. “Austin is a market we know and like, having invested there previously in the residential development sector. The purchase of Riata Corporate Park plays to Austin’s strength as a growing U.S. technology hub and we are excited to build on that growth with such a well-respected nationwide investment partner.”
Brian Rosen, Accesso’s managing director, acquisitions, noted that Riata Corporate Park, built between 1998 and 2000, has “always been an attractive work environment” for corporate and technology companies, largely because of its park setting on 51 wooded acres and its offering of first-class amenities. Riata has an above average parking ratio of 5.0 spots per 1000 square feet and quick access to Highway183, one of Austin’s major thoroughfares.
Since Riata was acquired by Accesso in mid 2015, ownership has signed long term leases with TriNet, an HR consulting firm, for 33,557 square feet, and with Zscalar, an Internet security firm, for 9,775 square feet. A Whole Foods Café has also been opened which has been very well received by the tenants, added Rosen.
West Point Partners, a New York based real estate investment and advisory firm, brought Acesso and Partners Group together to form the venture. “We are pleased to work with Accesso and Partners Group, two industry-leading firms], two complete this transaction,” said Robert Ashmun, managing principal at West Point Partners.”
About Accesso Partners. LLC
Accesso Partners LLC is a full-service, vertically integrated commercial real estate investment manager, owner and operators that aims to provide superior returns to its U.S. and international individual and institutional investors. Accesso’s focus is on acquiring commercial office properties in Class A locations in the largest, fastest growing metropolitan cities and premier suburban submarkets throughout the U.S. Accesso’s property portfolio include 41 office properties covering 13 million square feet. Its affiliate, Accesso Services LLC, provides proactive, cost-efficient property management services with an owner’s mindset. Accesso Partners LLC is headquartered in Hallandale Beach, FL. and has offices in Atlanta, Chicago, Dallas, Houston and Minneapolis.
About Partners Group
Partners Group is a global private market investment management firm with over USD 50 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Baar- Zug, Switzerland and has offices in San Francisco, Houston, New York City, Sao Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Shanghai, Seoul, Tokyo and Sydney. The firm employees over 800 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
About West Point Partners
West Point Partners is a boutique real estate investment and advisory firm specializing in making superior investments and providing focused advisory, capital raising and investment services for its clients and partners.