WeWork’s Austin office at 801 Barton Springs Road has changed ownership after the property entered receivership. The building, which is located just south of Lady Bird Lake and near Auditorium Shores, was acquired by a partnership between Austin-based Brick Row and New York-based SomeraRoad. The sale price was not disclosed. According to the Travis Central Appraisal District, the 90,000-square-foot building was last valued at $25.5 million.
The previous owners, WeWork Capital Advisors and Ivanhoe Cambridge, lost control of the property after defaulting on a $34.5 million loan in 2024. They had purchased the building for $57 million in 2019.
WeWork originally leased the entire building while it was still under construction in 2018 but renegotiated its lease during the sale to occupy only two floors. This change made about 41,000 square feet of office space available near downtown Austin.
Austin’s office market continues to experience high vacancy rates. However, Brock Kenyon of SomeraRoad said 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 added that completing this transaction took nearly three years and noted that SomeraRoad brought Brick Row into the deal earlier this year to manage leasing.
SomeraRoad has been expanding its presence in Austin recently. In 2023, it bought St. Elmo Public Market at 4329 South Congress Avenue when it was an unfinished adaptive-reuse retail project; it is now home to Pins Mechanical Company, an entertainment venue with duckpin bowling. In 2024, SomeraRoad announced plans for a new apartment development next to St. Elmo Public Market.
Brick Row has also been active in Austin’s office sector. In June, it acquired Quarry Oaks II from Brandywine at 10900 Stonelake Boulevard; this property was built in 1998 and renovated ten years later.
