One of downtown San Antonio's most visible corporate footprints is suddenly on the trading block, as AT&T prepares to clear out of the Riverwalk tower it has called home for more than a decade. An affiliate of Global Net Lease has put the 15 story office building and its neighboring parking lot up for sale, stripping downtown of a major tenant and opening an entire riverfront block to new suitors.
The listing pitches the property as a rare 3.76 acre redevelopment play in the urban core, and brokers are already angling for investors and adaptive reuse specialists who see potential beyond traditional office space.
Listing Details
The offering lays out a 401,516 square foot office tower on a 3.76 acre site with roughly 405 parking spaces, and notes that AT&T has occupied the building for about 12 years but is set to vacate this month. According to Cushman & Wakefield, the marketing package frames the property both as a going office asset and as a "covered land play" that could be primed for conversion or full scale redevelopment.
The sales team listed on the offering includes Cushman & Wakefield’s Central Texas Capital Markets group, which is fielding inquiries from institutional buyers sizing up what to do with an entire block on the Riverwalk.
AT&T's Suburban Move
AT&T, meanwhile, is shrinking its physical footprint and heading for the suburbs. Reporting from the San Antonio Business Journal, summarized by KSAT, says the company has signed for just over 100,000 square feet at The Reserve at Westover Hills, a fraction of its downtown space.
The Reserve's listing on CBRE advertises a Hill Country style campus with gyms, walking trails and on site dining, the sort of amenity packed suburban setting that has become increasingly attractive to employers weighing older central business district towers against fresher, lifestyle oriented space.
Numbers On The Table
The Bexar Central Appraisal District pegs the combined value of the tower and adjacent lot at roughly $24.7 million, with the parking lot alone assessed at about $11.7 million, according to the San Antonio Express-News. It is a sizable chunk of downtown dirt at a time when office landlords are increasingly looking at plan B.
Cushman & Wakefield’s Q1 2026 MarketBeat report shows downtown office vacancy hovering in the high teens, a level that helps explain why owners are kicking the tires on hotel, residential or mixed use conversions instead of doubling down on pure office, according to Cushman & Wakefield.
Redevelopment Options
The marketing brochure does not tiptoe around the topic of change. It explicitly calls out hotel, multifamily and mixed use conversions as viable repositioning strategies, and points to zoning that could support higher density redevelopment on the Riverwalk block.
That kind of language mirrors a broader shift in downtown San Antonio real estate, where older office towers are increasingly being evaluated for second acts. Prospective buyers interested in those conversion plays can dig into the full offering on Revere.
What Comes Next
Whether a future owner sticks with office, goes all in on an adaptive reuse plan or lands somewhere in between will shape how this stretch of the Riverwalk feels for years to come. City officials are expected to keep a close eye on the sale, given the size and visibility of the site.
Global Net Lease's affiliate has not released an asking price, and AT&T did not immediately respond to requests for comment, per the Express-News. For now, the timeline and the tower’s next chapter are up in the air as brokers start shopping one of downtown San Antonio’s marquee addresses.
