New York-based Clarion Partners has acquired Bank of America Plaza, a 533,465 square foot office building located in San Antonio, Texas. The firm acquired the property in a joint venture with Griffin Partners, a real estate developer, manager and leasing company that specializes in Texas and Arizona properties. The seller was Talcott Realty Investors of Hartford, Conn.

Bank of America Plaza San Antonio CBREThe 28-story high-rise, which was originally developed in 1983, is 91% occupied by a diverse roster of tenants in the finance, legal and government sectors.

“San Antonio offers a strong economy and employment growth has been higher than the national average,” said Brian Watkins, a Managing Director at Clarion Partners. “We anticipate that the growth will accelerate and we’re very happy to expand our portfolio in San Antonio with this property.”

“This strategic investment reinforces our convictions about the staying power of Texas and more importantly San Antonio’s long term growth outlook,” said Andrew Montgomery, an Executive Vice President at Griffin Partners. “Partnering with Clarion, a seasoned high-quality institutional investor is an important milestone for our firm’s
continued growth.”

The new owners are planning to spend at least $2 million to upgrade the building’s common areas and lobby.

Todd Mills and Hunter Mills, with CBRE’s institutional properties team, represented Talcott Realty Investors in the transaction.

Image courtesy of CBRE