Office space near U.S. Highway 281 and Loop 410 is plentiful and a lot of it is occupied, but not much of it has been renovated in recent years.
Filling that modern-space void was a major reason behind Braun Enterprises’ recent purchase of the 10-acre property at 84 NE Loop 410, including the Century Building, said Zach Wolf, the company's director of leasing. The Houston-based real estate development company plans to renovate the building's interior and possibly add a retail and restaurant component to the front of the property.
Braun has owned property in San Antonio in the past but didn’t have any real estate here until this recent purchase. However, Wolf said the company has been looking for the right time to get back into the local market and would like to add to its San Antonio portfolio.
“Braun has been searching for opportunities in the San Antonio market for a while now,” Wolf said. “We love the building and the area it is in. It has a large, contiguous vacancy that we plan to build out spec office space in. We typically look for large vacancies like that when we are evaluating opportunities.”
Braun bought the property from New Mexico-based Gemini Rosemont Realty. The purchase price was not disclosed. However, the property was most recently appraised at $11,968,916, according to records from the Bexar County Appraisal District. Braun also declined to estimate how much it would spend on renovations and construction.
“The plan is to put significant capital into the common areas as well as build out spec spaces in the large vacancy,” Wolf said.
In addition to the renovation work inside, which has already started, Wolf said Braun is exploring the possibility of adding retail and restaurant space closer to the 410 access road. The company is also evaluating how to add more parking, possibly with the addition of a parking garage or parking deck.
The property is located east of North Star Mall, just before the 410 access road's intersection with Jones Maltsberger Road. There are numerous restaurants and hotels in the area because of the proximity to the San Antonio International Airport.
Listed among the Century Building's current tenants are California-based Molina Healthcare and grocery manufacturer Kraft Foods.
Built in 1971, the four-story, 187,000-square-foot building was once considered a cutting-edge structure in North San Antonio, but with the sizable vacancy Wolf mentioned, the property lost some of its appeal over time. Braun is hoping to once again make it a sought-after space. Wolf said the ease of access adjacent to two major highways is appealing.
“The glassy, triangular shape of the Century building is a showpiece that set the trend for modern buildings along the office corridor of Loop 410 from I-10 West to 35 North,” said Mary-Margaret Hasslocher, director of public affairs for the North San Antonio Chamber of Commerce. “The location is the epicenter of the interchange, so it makes sense to update the existing space and add square footage for retail and other businesses to operate there.”