Local real estate developer, International Development Management, has acquired the aging One83 office/industrial campus in Austin, TX from JLM Financial Investments and Cushman & Wakefield. Terms of the deal were not disclosed.
The former FreeScale Semiconductor, Inc. campus includes seven buildings totaling more than 850,000 square feet at 3443 Ed Bluestein Blvd. about 15 minutes east of downtown Austin.
The project had a high vacancy rate and had not been a heavily sought after property by the market prior to the sale. Opportunity in data center demand and cloud technology prompted the buyer to take on the massive repurposing project. The campus was completed in 1974 and will receive capital improvements to provide updated office space outside of the city core. It will also be rebranded as MOS8.
Steve Portnoy of Carlson Commercial represented JLM Financial Investments and Cushman & Wakefield in the disposition.
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