KKR acquires Riata Corporate Park in Austin for $258m

KKR acquisition of Riata Corporate Park : Global investment firm KKR has acquired Riata Corporate Park in Austin, Texas in a deal worth around $258 million, as per the latest real estate industry news.

Riata Corporate Park comprises eight buildings in a space of 688,100 sft. The Class A office campus, which is located in Northwest Austin is said to be the largest office submarket in the city.

The deal includes a nearby land site where a ninth office building can be constructed.

Riata Corporate Park is located five miles from The Domain, which is the second Central Business District in Austin.

KKR said that it is looking to invest $11 million towards a capital improvement program to the office campus to provide fitness centers, the café, and outdoor plazas among other amenities.

KKR acquisition of Riata Corporate Park

Roger Morales, a Partner at KKR and Head of Commercial Real Estate Acquisitions in the Americas, commenting on KKR acquisition of Riata Corporate Park, said: “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 continue building upon its best-in-class position.”

KKR said that it is making the investment via its Real Estate Partners Americas Fund II.