by Jan Buchholz
Staff Writer, Austin Business Journal
What’s likely to be one of the largest commercial real estate transactions of the year is closing today. Stream Realty executives confirmed that the purchase of the Bank of America tower at 515 Congress Ave. and the surrounding office block will be finalized today.
“It’s the best city block that’s available in Austin,” said Derek Land, regional managing partner for Stream Realty.
Land isn’t disclosing how much Stream is paying for the property, which includes a drive-thru banking facility across the street. The various parcels are valued by the Travis Central Appraisal District at more than $70 million.
Land said this is the largest redevelopment project that Stream has undertaken in Austin. The company, which is headquartered in Dallas, has completed some larger redevelopments there and in Houston, Land said.
Local developer and landowner Tom Stacy through his company T. Stacy & Associates has owned the property for years and at one time had lofty redevelopment plans of his own. Those never materialized and now he’s opted to sell.
The sale with Stream Realty has been in the works since October of last year, Land said.
HFF in Austin represented the seller in the transaction.