Our Austin

Riverside Purchased Downtown Office Building Lavaca Plaza

The 11-story property at 504 Lavaca St. changed hands in a deal announced October 1.

Updated on Oct. 1, 2026 in Commercial

An eleven-story concrete office building in downtown Austin viewed from a low-angle perspective under a clear blue sky.
Riverside announced the acquisition of Lavaca Plaza, an 11-story office building located at 504 Lavaca St. in downtown Austin, on October 1. AI Illustration. Upload story photo >

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Riverside has acquired Lavaca Plaza, an 11-story office building located in the heart of Downtown Austin. The property, which sits near major entertainment districts and Lady Bird Lake, features a mix of parking and office space.

Why it matters

The sale of this mid-rise asset highlights the ongoing turnover of office properties in the downtown core. The building's proximity to the Second Street District and Sixth Street entertainment areas positions it within a highly active urban environment.

The 122,042-square-foot building at 504 Lavaca St. is situated in a high-density area containing 2 million square feet of retail and 10 miles of hiking and biking paths. The exact sale price remains unknown.

The players

Riverside

The investment firm that acquired the Lavaca Plaza office building.

JLL Capital Markets

The real estate firm that marketed the property and arranged the sale.

The details

Lavaca Plaza consists of seven floors dedicated to parking and four floors of office space, all built in 1981. JLL Capital Markets managed the transaction, marketing the asset on behalf of the seller. With a walk score of 99, the property remains integrated into the city center's pedestrian-focused corridor near Lady Bird Lake.

Timeline

  1. 1981: Lavaca Plaza was originally constructed.

  2. October 1, 2026: The sale of the office building was officially announced.

The Texas Context

This sale follows the established trend of commercial real estate churn within the downtown urban core. It serves as a reminder of the steady repositioning of older office assets as Downtown Austin continues to balance office use with its growing residential and hotel inventory.

For those working in or visiting the Second Street District, the ownership change does not immediately alter daily operations at 504 Lavaca St. Any future adjustments to building access or tenant services will be determined by the new ownership.

The takeaway

This transaction underscores the continued value placed on highly walkable office assets near the city's waterfront and entertainment hubs. Residents and business owners should watch for future tenant updates or renovations at the 1981-era site.

Further reading

For more on how shifts in our skyline affect the local economy, visit the Austin commercial section.

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Is now a good time for investors to acquire office real estate in downtown areas?