SOLDOffice
Aquila Commercial And Palmatum Ventures Acquire 515 Congress Avenue Office Tower In Austin
515 Congress Avenue
Building Size
267,956 SF
Asset Type
Office
Closing
Sep 24, 2026
About this deal
AI
515 Congress Avenue is a 26-story office tower located in downtown Austin, Texas, encompassing a total of 267,956 square feet. The property was recently sold by KBS, with the most recent appraisal valuing it at $122.1 million. At the time of sale, the office tower was 82% leased.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Undisclosed
- Address: 515 Congress Avenue
- Market: Austin, TX
- Asset Size: 267,956 square feet
- Buyer: Ben Tolson - Aquila Commercial; Michael Provost - Palmatum Ventures; Glendon Capital Management
- Seller: Charles Schreiber Jr - KBS
- Brokers: Mike McDonald, Jonathan Napper, Ryan Stevens & Drew Fuller - JLL
- Leased Rate: 82% as of July
- Last Appraised Value: $122.1 million
This transaction involved a joint venture between Aquila Commercial, Palmatum Ventures, and Glendon Capital Management. JLL Capital Markets, with representation from Mike McDonald, Jonathan Napper, Ryan Stevens, and Drew Fuller, facilitated the sale on behalf of KBS.
On the Map
Office
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Avenue Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93