Equity Commonwealth Sells Research Park in Austin, Texas

JLL closes sale of 188-acre campus in Austin, Texas
Research Park Austin

August 7, 2019 – JLL announced today that it has closed the sale of Research Park, a 1.11 million-square-foot office and industrial development as well as 94.8 acres of undeveloped land in northwest Austin, Texas.

JLL marketed the property on behalf of the seller, Equity Commonwealth. Parmer Innovation Centers, an affiliate of Los Angeles-based Karlin Real Estate, purchased the assets.

Originally part of a 466-acre tract owned by Texas Instruments, Research Park comprises 1.05 million square feet of manufacturing space that is leased to a subsidiary of Flex, Ltd., the third largest global electronics manufacturing services company.

Research Park is positioned on 188 acres off US 183 at 12455 and 12515 Research Boulevard in the in the heart of the Northwest Austin technology triangle, the birthplace of “Silicon Hills.” The area is home to corporate giants such as Apple, Amazon, Facebook, Indeed, Expedia, Visa and Charles Schwab, as well as manufacturing titans like Samsung, National Instruments and Flextronics America. In addition to its strong corporate presence, the triangle area is known for its schools, convenient highway access, housing and amenities.

Flex, Ltd. joins a notable list of Fortune 500 companies in Parmer Innovation Centers’ current global portfolio. In Austin, Parmer Innovation Centers has developed more than a million square feet of Class A office to date at its Parmer Austin Business Park, with an additional 315,000 square feet under construction of Class A office slated to be deliver in the first quarter of 2020, as well as designing/permitting an additional 750,000 square feet and a best-in-class amenity district known as Parmer Pond. The Austin tech-centric park is in North Austin and a short drive from Research Park.