Dallas, TX based, Provident Realty Advisors purchased 400 E. Anderson Lane in Austin Texas in February of 2019. The six story, 78,000 sf building, is well located at the northwest corner of Interstate 35 and TX 183, just six miles from the CBD and 5 miles from the Domain. Seeking to take advantage of the National Opportunity Zone Program, a part of the 2017 Tax Reform Bill, Provident has invested in the building as part of its national opportunity zone initiative. Kip Platt is leading the effort to identify and acquire assets of all types on behalf of Provident. The opportunity zone program offers federal tax benefits for investors in specially designated areas. This vacant building is unique having a contiguous block of leaseable space that totals more than 20,000 sf in Austin’s large-block constrained office market. As of today, there are over 8,700 opportunity zones across the country, and over twenty zones within Travis County.
Provident has teamed with Jones Lang LaSalle (JLL) to manage and lease the 13,000 sf floorplates to full floor tenants comparable to creative spaces users such as Launch Pad and We Work. “Provident Realty has a stellar reputation, and they’re making their mark in Austin by creating a tremendous opportunity for tenants looking for a large block of office space,” said Kevin Kimbrough, Agency Leasing Senior Vice President at JLL. “With anticipated improvements, fantastic visibility from IH35 and Highway 183, and its close proximity to both Austin’s CBD and The Domain, this office property will position future tenants for long-term success.”
Provident plans to renovate the Class B building interiors to provide updated, open floorplans, LED lighting, polished concrete flooring, and Fiber Internet. “Provident Realty is repositioning this single- tenant office building for today’s office users providing flexible, open floor plans with a modern design,” said Sam Shannon, Property Management Senior Vice President at JLL. “We’re excited to play a role in creating an engaging work environment for future tenants.” The building branding will be updated as well. JLL will market the building as Anderson Tower.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. www.jll.com.
About Provident Realty Advisors, Inc.
Provident Realty Advisors, Inc. is a privately held real estate and investment firm that seeks to provide exceptional risk-adjusted returns to its investor partners through superior development of opportunistic and value-added strategies. Since its formation in 1991, Provident has developed or invested in more than $3 billion worth of real estate projects. http://www.providentrealty.net.
Kip Platt
972-385-4101
kplatt@providentrealty.net