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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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GrayStreet Partners to buy downtown’s Travis Park Plaza

Travis Park Plaza

Travis Park Plaza

Local real estate investment firm GrayStreet Partners will be the new owners of the downtown office building Travis Park Plaza.

The firm will be closing on the sale of the seven-story building at 711 Navarro St., which also includes a 799-space parking garage next door.

The property, which was built in 1970 and includes 162,000 square feet of leasable space, was put on the market late last year. The seller is Los Angeles-based private investor Cannon Commercial, which purchased the building in 2008 and is being represented by CBRE Executive Vice President Todd Mills in the transaction.

Like all of the other properties in its portfolio, GrayStreet will take a long-term approach to revitalizing the building, starting with moving its own offices into a 6,000-square-foot suite. The firm is planning on investing an additional $5 million in remodeling Travis Park Plaza, and managing partner Kevin Covey said the firm plans to bring the building back “to what it once was.”

GrayStreet is “investing heavily into the building and making it a premier office building in the city, which it has the ability to be,” Covey said of emphasizing the mid-60s design to retain the character of the property while weaving in modern amenities.

Click to read entire article: GrayStreet Partners to buy downtown’s Travis Park Plaza (San Antonio, Business Journal, 11-10-15)

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