Gladstone Commercial Agrees to Pay $57.5M for Austin, TX Office Asset

McLean, VA-based Gladstone Commercial has agreed to acquire 701 East Parmer Lane in Austin, TX for a gross purchase price that is expected to be approximately $57.5 million, exclusive of related acquisition expenses.

The seller is Karlin Parmer Office LLC, an entity of Karlin Real Estate, which reportedly purchased the building from Dell in 2012.

The 328,000 square-foot building is on 23.8 acres and was built in 2000 as a build-to-suit for Dell’s South Parmer campuses. It is currently 100 percent leased to one tenant.