L.A. firm might make largest real estate transaction in Texas history

“The largest block of office space in the Austin market is being sold–again. Thomas Properties Group Inc. of Los Angeles is leading a joint venture to buy 3.5 million square feet of Class A offices in the Austin market for $1.15 billion in what may be the largest real estate transaction in Texas history. The deal expected to close within two months would also make Thomas Properties the largest office landlord in town. The Blackstone Group, which picked up the Austin assets as part of its wholesale purchase of Equity Office Properties Trust earlier this year, is flipping portfolios in key markets across the country. Cities where Blackstone has sold or plans to sell former Equity properties include Seattle, Miami, Sacramento, Miami, New York and Orlando, among possible others.”