By Anca Gagiuc, Associate Editor
Broadmoor Campus
Austin’s commercial market got another boost with the announcement that IBM Corp. sold its remaining interest in the 1.1 million-square-foot Broadmoor office campus.
The buyer is Radnor, Pa.-based Brandywine Realty Trust, but further details have not been disclosed. The asset is a seven-building, 66-acre development located at 11501 Burnet Road in Northwest Austin. The location is adjacent to The Domain at the nexus of MoPac, U.S. Highway 183, and Loop 360.
Broadmoor was built in 1991 for IBM, which still occupies about 87 percent of the campus and will continue to maintain a presence.
Brandywine is at work on a master plan for a mixed-use, multi-tenant property with a variety of amenities.
“Our master planning and capital investment efforts will reflect not only the repositioning that is taking place in Austin, but also our own platinum standards for delivering exceptional customer service and a quality, thoughtful development that builds on the expanding success of the Northwest Austin market,” said Bill Redd, Brandywine’s executive vice president & senior managing director for Austin. “We’re also excited to explore the many possibilities associated with redeveloping this campus to create one of the highest-quality, mixed-use projects in greater Austin.”
Brandywine has launched a marketing campaign for two buildings encompassing 345,000 square feet that will be available for lease by April 2016.
Image courtesy of Google Maps