Amstar Sells Office High Rise Building in Austin, Texas

Austin, Texas (January 18, 2014) – Amstar today announced the sale of 823 Congress, a 15-story 181,000-square-foot office building in the heart of downtown Austin, Texas. Cielo Realty Partners was the buyer; the sales price was not disclosed. Amstar, in partnership with CapRidge Partners, purchased the project in late 2006, at a time when the property was under-leased and in need of a major renovation. After acquisition, Amstar and CapRidge Partners invested in and improved the building extensively, raised rents to all-time highs, and attracted many new tenants from diverse industries. The property is currently anchored by tenants like IBM, AllClear ID, Texas Tribune, Amerigroup, and Cielo Wind Power.

The Congress Avenue building is two blocks south of the Texas State Capital and two blocks north of the intersection with Sixth Street, considered the center of downtown. The location is within walking distance of a multitude of amenities and conveniently accessible from Mopac Expressway and Interstate 35.

"This is a prime example of how Amstar unlocks value investing in well-located but underperforming
assets. Amstar and CapRidge acquired the property at an attractive basis and found ways to add value by
upgrading the building, the management and the leasing,” said Amstar COO G. Douglas Wiley II.

Todd Mills of CBRE marketed the transaction.


About Amstar
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real  estate investment manager
that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select
U.S.  and international  markets.   Originally  formed to  invest  and  manage  the real  estate  allocation  of  a
large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown
to  more  than  $2.4  billion  in  assets  under  management  (as  of  December  31,  2013).   Today,  Amstar  is
proud  to  provide  a  high  degree  of focus  and  attention  to  its  client relationships,  counting  among  them
leaders in the private and institutional investment community.   Amstar’s clients originate from across the
globe  and include  U.S.  and  European institutions,  insurance companies, private  banks,  funds  of  funds,
and other family offices.