Frost Bank Tower Meets New Owner

commercial spaceThree downtown office properties that were once jointly owned by Parkway Properties and California State Teachers Retirement System (CALSTRS) are now fully owned by CALSTRS.

Previously CALSTRS and Parkway jointly owned a total of 5 office towers In downtown Austin

  • 98 San Jacinto Blvd – San Jacinto Center
  • 111 Congress Plaza – One Congress Plaza
  • 401 Congress Ave – Frost Bank Tower
  • 300 West Sixth St
  • 600 Congress Ave – One American Center

Now after a net payment of $43.6 million from CALSTRS to Parkway, CALSTRS will assume 100% control of Frost Bank Tower, 300 W 6th, and One American Center.

According to Parkway the transfer of ownership made sense for them as the 3 office buildings that CALSTRS is taking over are 96% leased.  The other 2 properties that Parkway is taking over are less occupied and have more opportunities for lease up potential and appreciation.

CALSTRS also recently purchased the Hill Country Galleria located in Bee Cave, Tx

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