AFIAA Swiss Foundation, committee comprised of 40 Swiss pension funds with a focus in international commercial properties, recently purchased the 116,437-square-foot 501 Congress Ave. building in downtown Austin, TX as well as the adjacent 297-car parking garage at 120 E. 5th St. for an undisclosed amount.
501 Congress was built in 1961 and recently renovated in 2014. According to AFIAA, the property was 76.3% leased at the time of purchase. The main tenant in the building is Dropbox. Other tenants in the building include Charles Schwab, Vine Vault, Allen Edmonds and EMC² Corp.
Representatives with Eastdil Secured brokered the transaction on behalf of the seller, a joint venture comprised of Stream Realty Partners and Heitman.[CoStar]