Northmarq and Colliers announce the sale of 1106 Clayton Lane office building in Austin, TX
AUSTIN, Texas (July 23, 2024) —Northmarq and Colliers are pleased to announce the closing of the Twin Towers multi-tenant office building in Austin on behalf of Omninet Capital. This is one of only two such transactions in Austin for 2024. The property, encompassing 203,221 sq. ft. and situated on 7.18 acres, was 59% leased at the time of closing. National Director of Development Services Scott Lamontagne and Senior Associate Chase Gardner at Northmarq collaborated with Executive Vice President Doug Rauls at Colliers, who represented Omninet, the seller. The buyer was represented by Michael Bullard of Dovetail Commercial.
“We are extremely pleased that we were able to transact quickly on this asset in a very difficult sales environment,” said Rauls. “We expect very few multi-tenant office buildings in Austin will trade in 2024, and we are proud that 1106 Clayton Lane is one of them. Our targeted marketing to investors and owner/users proved effective, drawing multiple offers. “The buyer, a local investor, plans substantial renovations to the building, new branding and tenant amenities.”
“Sock Club is excited about the purchase of the property, both as a new home for its company and other innovative Austin organizations of all sizes,” said Noah Lee, CEO of Sock Club. “Sock Club sees this purchase not only as an investment in its own future but also in the future of emerging businesses in Austin. It is proud to offer those businesses a place to grow.”
Learn more about Northmarq’s National Development Services specialty group.
About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
