Goldman Sachs Asset Management (GSAM) Private Real Estate has purchased Quarry Oaks I and II, a two-building office complex located at 10900 Stonelake Blvd. in Austin. Principal Real Estate Investors sold the 292,421-square-foot complex for an undisclosed price. At the time of sale, the property was 100 percent leased to tenants including Forepoint, Microsoft Corp. and Microchip Technologies.
Click here to read the original article: GSAM Private Real Estate Acquires Two-Building Office Complex REBusiness 2-7-2017
Yeti Coolers LLC is ready to pull the veil off its first retail store at 220 S. Congress Ave. — a major step for the company to directly reach consumers, and a promising development for a long-vacant property at the gateway between downtown and trendy shopping to the south. …Read Entire Post
After its attempt to sell The Oaks at Lakeway retail center fell through last year, Stratus Properties Inc. returned to the negotiation table. Its efforts paid off earlier this month with the successful sale of the property to the same buyer who previously experienced cold feet.
TA Realty of Massachusetts, through an affiliate named FHF I Oaks at Lakeway LLC, purchased the center in the tony suburb of Lakeway northwest of Austin for $114 million in cash on Feb. 15, the companies announced. …Read Entire Post
The foundation selected the site, on RM 2222 just east of Capital of Texas Highway, because of its scenic beauty and relative isolation, the Austin American-Statesman reports. The land is a prime swath of lakefront property.
The Holdsworth Center, a training institute for Texas public school administrators, will sit on 44 acres near RR 2222 and Capital of Texas Highway in Austin. …Read Entire Post
County commissioners unanimously voted Tuesday for staff to begin negotiating with one of five unidentified real estate development firms to sell the 300 block of Guadalupe Street just south of Republic Square Park in the heart of downtown Austin.
The property is currently home to a parking lot and, occasionally, a food trailer. But it was also the site where Travis County officials had hoped to build a new court facility to alleviate overcrowding. Voters in 2015 defeated a $287 million bond referendum to fund the construction of such a courthouse. …Read Entire Post
The Austin office market finished strong in the final quarter of the year with plenty of momentum heading into the New Year. New leases and expansions generated 567,035 square feet of positive net absorption in the fourth quarter.
No new office space was delivered in the fourth quarter keeping the year-end total at nearly 779,000 square feet. As a result, new leases and expansions tightened the citywide vacancy rate from 8.7% last quarter to 8.0% at the end of the fourth quarter.
Strong demand has propelled rental rates to an all-time high. At the close of the fourth quarter, the citywide average rental rate reached $34.83 per square foot on an annual basis which marks a healthy 3.5% annual increase over the same period last year. At the top of the market, Class A buildings in the CBD command an average quoted rental rate of nearly $53 per square foot. (To adjust for buildings which quote rents on a triple net basis, operating expense figures have been added into the equation to arrive at an average equivalent full-service rate.) …Read Entire Post
The Austin industrial market ended 2016 on a strong note with marked improvement in the citywide vacancy rate tightening to 5.2%. The current citywide vacancy rate is down compared to the 6.1% recorded in the third quarter and 6.9% in the previous year.
At the close the fourth quarter only 193,600 square feet of new space was delivered which included Met Center II 13 (57,600 sf) and Expo Business Park 13 located at 6301 East Stassney. Both are located on the Southeast sector.
While new projects continue to reach the planning and construction stages, it’s estimated that there is already over 1.9 million square feet of potential industrial space coming through the development pipeline. In a market with such high demand for new space, the vacancy rate is expected to stay somewhat consistent going forward leaving much of the pressure on developers to provide the supply needed. …Read Entire Post
Though Austin’s economic growth continues to slow, the foundations of the regional economy remain strong, according to the Federal Reserve Bank of Dallas. But the report also noted a sharp decline in the number of apartment permits issued in 2016 compared to a year earlier.
“Despite the low vacancy, permits for multifamily construction slowed notably in the second half of last year, and 2016 permits were down 18 percent compared with 2015,” reads the report. …Read Entire Post
Capital Factory is expanding its real estate footprint inside the building it shares with the Omni Austin Hotel Downtown, a move that will allow it to host many more events each year.
The startup accelerator and co-working office is doubling its event space inside 701 Brazos St., where it currently occupies three floors, Austin Inno reports. Capital Factory hosted 837 events in 2016, according to a Google for Entrepreneurs report. …Read Entire Post
Red Velvet Events relocating headquarters into old Austin building.
Red Velvet Events plans to breathe new life into a 70-year-old, 11,579-square-foot building at 7121 N. Lamar Blvd., and is planning a major renovation project to transform the space into the company’s new headquarters. …Read Entire Post