Sock Club pulled up with an office buy in Austin.
The sock subscription service recently purchased the 190,600-square-foot Twin Towers office building, at 1106 Clayton Lane, from Omninet Capital, a Beverly Hills-based developer led by Neil Kasisha, the Austin Business Journal reported.
The purchase price was not disclosed, but the property was appraised this year at $13.3 million (under $70 per square foot), down from $27.1 million last year, according to the Travis Central Appraisal District.
Michael Bullard of Dovetail Commercial represented Sock Club in the transaction, while Scott Lamontagne and Chase Gardner of Northmarq, along with Doug Rauls of Colliers, represented Omninet Capital.
The five-story Twin Towers was built in 1973 and sits on approximately 7 acres near Interstate 35 and State Highway 290. The firm hinted in a news release that it will be moving into the building and pursuing other emerging businesses as tenants.
The building was listed for sale in February and remained on the market for 141 days before the deal closed in early June. It was a notably swift transaction considering the current challenging market conditions, Colliers’ Rauls said.
The purchase was an investment in the company’s future, Sock Club co-founder Noah Lee said. The company currently has its offices at 2200 Tillery Street, a few miles from the Twin Towers, in the Mueller area of northeast Austin.
Office building transactions have been relatively rare over the past year, but notable deals include Buchanan Capital Partners and B3 Commercial’s purchase of a former AT&T call center in South Austin, and Endeavor’s acquisition of West Austin’s Plaza on the Lake office building in April.
Sock Club was founded in 2012, and it delivers its subscribers a pair of socks every month that is designed in Austin from “cotton grown and knit in the Southeastern United States.”
— Andrew Terrell
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