Thor Equities Group has closed on the acquisition of 1005 East Saint Elmo Road, its first property in Austin, for $16 million.
Located within the South Congress (SoCo) neighborhood, the 60,000-square-foot creative office campus was constructed in 2017. The property is currently 100 percent occupied by a variety of tenants including Saatva, Skull Mechanix, Fuse Architecture Studio, and Ignite Fitnez.
“We are pleased to acquire our first asset in the South Congress area of Austin, which is continuing to attract creative tenants looking to grow in a thriving live-work-play environment,” said Joseph Sitt, chairman of Thor Equities Group.
Historically a light-industrial area, SoCo has been transformed over the last several years into a vibrant neighborhood filled with breweries, coffee shops, restaurants, residences, office space and other diverse uses.
Austin as a whole is continuing to grow as a hub for major technology companies, including Facebook, Google and Samsung, with Apple recently announcing plans for a new $1 billion office campus that could become home to as many 5,000 employees.