Los Angeles-based investment firm the Luzzatto Company has acquired Austin Oaks, a 12-building, 445,322-square-foot office park at Spicewood Springs Road and MoPac, according to a Thursday news release from commercial real estate firm HFF, which marketed the property on behalf of the seller, Spire Realty Group.
Spire Realty presided over three years of negotiating and debate among neighborhood associations and local representatives before receiving site plan approval from Austin City Council in April 2017.
According to HFF, the Luzzatto Company plans to "reposition [Austin Oaks] into a more creative, tech-friendly campus akin to modern creative office campuses in the Los Angeles area" and will add dining and fitness amenities.
While the property is zoned for mixed-use development, HFF said that the Luzzatto Company plans to focus on creative office use.
The redevelopment will be designed by Austin-based Michael Hsu Office of Architecture.