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Downtown office owner, TPG-Austin pays property taxes

Monday, February 2, 2009 by Austin Monitor

Local jurisdictions, like the City of Austin, Travis County and the AISD were no doubt relieved when Thomas Properties Group, Inc paid its taxes today.

The company put out a press release Monday saying that  “TPG Austin Portfolio Holdings LLC (TPG-Austin), has met the property tax obligations on its entire portfolio on time and in full.” The total local tax bill was$17.8 million, according to a spokesperson for the company. TPG-Austin acquired a huge chunk of the classiest downtown office space, including the Frost Bank Tower, One Congress Plaza and 300 West 6th Street in a joint venture with Lehman Brothers and the California State Teachers Retirement System in June 2007.

After Lehman filed for bankruptcy in November, TPG-Austin said it might have to follow its partner into bankruptcy if it could not get the money to pay the taxes. However, on Monday, the final day to pay property taxes without penalty, TPG said the payment of the property taxes was “made possible with the cooperation of Lehman Brothers.”

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