WeWork’s office property at 801 Barton Springs Road in Austin has changed ownership after entering receivership. The building, located just south of Lady Bird Lake and near Auditorium Shores, was acquired by a partnership between Brick Row, based in Austin, and SomeraRoad from New York, according to the Austin Business Journal. The financial terms of the sale were not made public. The Travis Central Appraisal District most recently valued the 90,000-square-foot building at $25.5 million.
The previous owners, WeWork Capital Advisors—the investment division of coworking company WeWork—and Ivanhoe Cambridge lost control of the asset following a default on a $34.5 million loan in 2024. They had originally purchased the property for $57 million in 2019.
WeWork initially leased the entire building while it was under construction in 2018 but reduced its commitment to two floors during the recent transaction. This adjustment made about 41,000 square feet available for other tenants close to downtown Austin.
Austin’s office market is facing high vacancy rates; however, Brock Kenyon of SomeraRoad told the outlet that “801 Barton Strings Road is in a desirable location, due to its proximity to downtown and Austin’s southwest suburbs and the lack of inventory in the area.” He also said that completing this deal took nearly three years and noted that Brick Row joined earlier this year to oversee leasing activities.
SomeraRoad has been expanding its presence in Austin over recent years. In 2023, it acquired St. Elmo Public Market at 4329 South Congress Avenue—a then-unfinished adaptive-reuse retail project—which now houses Pins Mechanical Company offering duckpin bowling. In 2024, SomeraRoad announced plans for a new apartment development adjacent to St. Elmo Public Market.
Brick Row has also been active locally, purchasing Quarry Oaks II from Brandywine in June. That office building at 10900 Stonelake Boulevard was constructed in 1998 and renovated ten years later.
