Austin, January 26, 2010 – Spire Realty Group today announced the acquisition of the 21-story Chase Tower in Austin, Texas. Located at 221 West Sixth Street in Austin’s central business district, the Class A office building consists of 389,503 rentable square feet and is approximately 96% leased.

“Chase Tower is an exceptional asset – it’s in one of the healthiest cities in the country, in the best location in the City, and is very well leased by a stable tenant base. The building has benefitted from recent cosmetic improvements,” said Caleb Smith, president of Spire Realty Group. “We intend to further improve the asset with functional, structural and additional cosmetic improvements in keeping with the landmark status of the building. We will not be passive owners. The acquisition is not only a great investment but also enables us to grow our company and establish ourselves in a market in which we have desired to be for quite some time.”

“We have remained patient throughout the boom cycle – resisting the bubble market; that patience has now paid off with the acquisition of Chase Tower. But we’re not done, we intend for this to be just the first of many large office acquisitions over the next couple of years,” Mr. Smith added.

Property Highlights:
Located within Austin’s central business district on Sixth Street between Colorado Street and Lavaca Street, Chase Tower includes an attached seven-level parking garage. The property offers unobstructed views of Town Lake and convenient access to many unique area amenities.

Location: 221 West 6^th Street

Site: Approximately 1.85 Acres, a full-city block

Building Size: 21 floors, 389,503 rentable square feet

Year Built: 1974

Seller: ERG Chase Tower, LP; NNN Chase Tower REO, LP; NNN OF8 Chase Tower REO, LP; and NNN VF Chase Tower REO, LP

Buyer: 221 West Sixth Street, LLC, an affiliate of Spire Realty Group, LP

Broker: Andrew Levy and Todd Savage of Holliday Fenoglio Fowler, L.P. represented the seller; the buyer represented itself

Notable Tenants: Chase Bank, Bury + Partners, The Headliners Club

About Spire Realty Group, LP
Spire Realty Group, L.P. is a privately held real estate investment and management group based in Dallas, Texas. Spire Realty Group owns and manages a diverse 5,500,000-square-foot portfolio including office buildings, retail centers, multifamily projects, parking facilities and land development sites. For more information on Spire Realty Group please visit www.spirerealty.com.