Insurer Hippo Acquires Austin Office Building For $26M

Insurer Hippo has purchased the office building located at 701 East Fifth Street in Austin, Texas, for $26 million. The building, which spans 48,000 square feet, was previously leased by Hippo before they decided to acquire it. The sale price equates to a price per square foot of $542. Elevate Growth Partners acted as the seller in the transaction.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $26,000,000
• Square Footage: 48,000
• Address: 701 East Fifth Street, Austin, Texas
• Market: Austin
• Buyer: Insurer Hippo - Richard McCathron
• Seller: Elevate Growth Partners

This acquisition by Insurer Hippo aligns with the trend of companies reducing office space in Austin, Texas, due to high office vacancy rates. By purchasing the building they were leasing, Insurer Hippo secures a long-term presence in the area.