KKR acquires Riata Corporate Park in Austin
KKR has acquired Riata Corporate Park in Austin, Texas, in a deal valued at approximately USD258 million.
Riata Corporate Park is an eight building, 688,100 square foot, Class A office campus located in Northwest Austin, Austin’s largest office submarket. The acquisition includes an adjacent land site that is entitled for a ninth office building. Riata Corporate Park is ideally located five miles from The Domain, Austin’s second Central Business District.
KKR is planning an USD11 million capital improvement program to the campus including to amenities such as fitness centres, the café and outdoor plazas.
“Riata is a unique corporate campus centred in an incredibly dynamic area in Austin, one of the fastest growing markets in the US. We are thrilled to be investing in the property and the region, and look forward to continue building upon its best-in-class position,” says Roger Morales, a Partner at KKR and Head of Commercial Real Estate Acquisitions in the Americas.
KKR is making the investment through its Real Estate Partners Americas Fund II.