AUSTIN, TX — Houston-based Holliday Fenoglio Fowler, L.P. officials on Wednesday said they have arranged a $123.2 million refinancing for Frost Bank Tower, the iconic, Class AA office tower in downtown Austin.
In a press release, officials said HFF worked on behalf of the borrower, Lionstone Investments, a data-analytics driven real estate investment firm, to secure the seven-year, floating-rate loan through New York Life Insurance Company.
Completed in 2003 and designed by Duda/Paine Architects, Frost Bank Tower consists of 33 stories of office and ground floor retail space totaling 535,924 rentable square feet, officials said. On-site amenities include a 5,500-square-foot fitness club with shower facilities, a 2,800-square-foot conference facility, full-service bank branch and dry cleaning services, according to the company. The property is 96 percent leased to national, regional and local tenants with Graves Dougherty Hearon & Moody, and Frost National Bank, anchoring the property, officials noted.
Retail tenants include Soul Cycle, Taco Shack, Juiceland, Houndstooth Coffee and Modern Market. Frost Bank Tower occupies an entire city block at 401 Congress Avenue between 4th and 5th Streets in Austin’s central business district.
The HFF debt placement team representing the borrower was led by managing director Colby Mueck and senior managing director Doug Opalka, company officials said.
“Frost Bank Tower is the most iconic trophy office tower in Austin’s CBD, which is one of the most dynamic markets in the country,” Opalka said. “When you look at the most desirable office addresses in the United States, Congress Avenue in Austin is always amongst a very elite peer set, and that is always led by Frost Tower.”
Mueck added: “This transaction is a rare combination of exceptional real estate, an outstanding market, top tier institutional ownership, and one of the perennial leaders in the lending world.”
>>> Photo credit: Daderot via Wikimedia Commons
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