In a striking real estate development in Central Texas, downtown Austin witnesses a notable office building sale amounting to $26 million. Property insurance behemoth, Hippo, has made the headlines by purchasing the downtown building it has been leasing for over two years. The purchase was made through their Subsidiary, Spinnaker Insurance Company.
The building, situated at 701 E. Fifth St., commonly known as Waterloo Central is a four-story structure, which as per the county records, is spread across approximately 48,000 square feet. The previous owner was Elevate Sabine Investors LP, which is affiliated with the developer, Elevate Growth Partners.
Several other companies have had a role to play in the Waterloo endeavor. Runa Workshop served as the design architect, WGI functioned as the civil engineer, and Flintco executed the role of the general contractor. The interiors were crafted by Dana Design Studio.
Interestingly, despite the current trend in many big corporations rethinking their office space and preferring hybrid working due to the ongoing pandemic, the Hippo’s acquisition stands out. They plan to use the building as office space for employees of the company and affiliated institutions.