A North Austin office complex that developers had hoped to turn into a much denser development – drawing staunch opposition from neighbors – has new owners.
Commercial real estate firm HFF said late Thursday that it had helped Spire Realty Group sell Austin Oaks, at Spicewood Springs Road and North Mopac Boulevard (Loop 1), to The Luzzatto Co., a Los Angeles firm.
A purchase price was not disclosed.
Austin Oaks consists of 12 buildings with a total of 445,322 square feet of space. Developed in the 1970s and 1980s, the buildings sit on 31.4 acres and are home to 140 different companies.
Austin-based Michael Hsu Office of Architecture will oversee a makeover for the project, which will include a café and fitness facilities.
“We are thrilled to work on what may be the single most significant repositioning opportunity in Austin, if not all of Texas,” Hsu said. “The existing buildings create a perfect backdrop to transform this development into a modern reflection of Austin, which will blend with the city’s physical and business landscape.”