HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged $22.5 million in joint venture capital for the development of Park Central I, the first phase of a Class A, value office project located in north central Austin, Texas.

HFF senior managing director Grady Roberts, associate director Wallace Nichols, and real estate analyst Colby Mueck exclusively represented Koontz McCombs Austin in arranging a 100% financing commitment to capitalize Phase I of the development.  The capital partner is Cornerstone Real Estate Advisers, the real estate investment entity for Mass Mutual Life Insurance.  

Based in San Antonio, Koontz McCombs has been involved in the development, construction and/or acquisition of more than 4.2 million square feet of commercial property in the State of Texas since 1997.  In 2006, Koontz McCombs selected Rick Potter to open its Austin office and spearhead all of the firm’s office, industrial, and retail development in the Austin area.  “Koontz McCombs Austin is encouraged by the city’s vibrant economy and excited to begin what we hope will be many new successful developments in Austin in the coming years”, said Potter.

Upon completion, Park Central I will consist of a three-story, 114,091 rentable square-foot building constructed to accommodate a wide range of office users.  Parking will be available in 530 surface spaces, 83 of which will be reserved covered spaces.   The 9.72-acre site is located at the intersection of Interstate 35 and Parmer Lane, within close proximity to the MoPac Expressway and the new State Highway 130 Tollroad.

Leasing for the project will be provided by Landry Commercial.  “The North Central market’s explosive growth is beckoning new office tenants to the area.  Park Central is an outstanding office project that is well positioned to meet the needs of this market”, said Ronny Landry, President of Landry Commercial. 

“The park has excellent accessibility and visibility from the area’s major roadways and will be one of the first major office developments in an area exploding with residential and commercial growth,” said Nichols.

HFF operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital market services to the U.S. commercial real estate industry.  HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sale and note sales advisory services and commercial loan servicing.