KKR, a global investment firm has announced that it has acquired Riata Corporate Park in Austin, Texas, in a deal valued at approximately $258 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 to 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 $11 million capital improvement program to the campus including to amenities such as fitness centers, the café, and outdoor plazas.
“Riata is a unique corporate campus centered in an incredibly dynamic area in Austin, one of the fastest-growing markets in the U.S. We are thrilled to be investing in the property and the region and look forward to continuing building upon its best-in-class position,” said 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.
KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies.
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