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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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Velocis buys majority interest in two area office buildings

Expanding their presence in the Austin area, Dallas-based Velocis Fund recently purchased the majority interest in two large office buildings – Arboretum Atrium and Las Cimas.  The buildings were purchased from Alabama-based Alfa Insurance Co.  Moore & Associates will retain a minority interest.

Arboretum Atrium (91,083 sf), located in the Northwest sector at 9737 Great Hills Trail, is 100 percent leased.

Las Cimas I (82,787 sf), located in the Southwest sector at 804 Las Cimas Blvd., is part of a four-building complex.

In related news, Las Cimas II & III (313,295 sf), located at 805 & 807 …Read Entire Post

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ABOR finalizes plans for new HQ in Great Hills

New ABOR HQ

New ABOR HQ

The Austin Board of Realtors (ABOR) will build a new headquarters on a bluff overlooking the Great Hills neighborhood in Northwest Austin.

The building, tentatively planned at between 30,000 and 33,000 square feet, will be nestled into the hillside on a 5.2-acre tract at 4800 Spicewood Springs Road…Read Entire Post

State Farm sells Amber Oaks facility to WP Carey

State Farm Operations Center 8900 Amberglen Blvd.

State Farm Operations Center
8900 Amberglen Blvd.

State Farm Mutual Automobile Insurance Company recently sold its office facility (448,898sf) located at 8900 Amberglen Blvd. near Parmer Ln. and SH 45 in the 263-acre master-planned Amber Oaks Corporate Center.  New York-based W. P. Carey Inc., a real estate investment trust (REIT), purchased the property for $110 million.  The transaction includes an agreement for State Farm to lease the property back for 15 years, with two five-year renewal options.

…Read Entire Post

Alamo Drafthouse Lakeline opens in a big way

alamodraftouseLogoAlamo Drafthouse Lakeline is open in a big way.  The newest Alamo Theater in Austin is the largest of all the Alamo theaters anywhere.  The Lakeline location in northwest Austin spans 35,900 square feet and features ten screens and a full-service bar – Glass Half Full. …Read Entire Post

Haverwood partners with OakPoint to purchase two Austin office buildings

Continental & Briarcroft

Continental & Briarcroft

Two Class B Austin office buildings were recently purchased by locally-based Haverwood Management in partnership with Nashville, Tennessee-based OakPoint Properties.  The Continental Building (58,700 sf), located at 9101 Burnet Road, was reportedly 85% occupied at the time of sale.  Likewise, the Briarcroft Building (63,825 sf), located at 12710 Research Blvd, was also 85% occupied.  …Read Entire Post

Developers plan 220,000-square-foot Champion office project

Champion Park

Champion Park

In a nod to Austin’s promising economic future, Austin-based Endeavor Real Estate Group and Granite Properties plan to start construction soon on a 220,600-square foot office campus in northwest Austin — the first major office project to launch in the area in almost five years.

Champion Office Park is slated for the northwest corner of RM 2222 and Capital of Texas Highway (Loop 360). The project will have two four-story buildings, one with 116,800 square feet and the other with 103,800 square feet, Endeavor officials told the American-Statesman. …Read Entire Post

Galleria Oaks purchased by World Class Capital Group

Galleria Oaks

World Class Capital Group, LLC, an Austin-based private investment and asset management firm, recently announced that it acquired Galleria Oaks, a 100,000 square foot retail center located at 13376 Research Blvd. (US 183)  in Northwest Austin just south of Lakeline Mall. …Read Entire Post

9900 Spectrum purchased by LegalZoom

9900 Spectrum

California-based LegalZoom Inc., an online legal document service, recently purchased 9900 Spectrum Drive – a 206,000 square foot office and manufacturing building located in the Davis Springs Spectrum Business Park in Far Northwest Austin.   The property reportedly sold by White Stone Properties Ltd. for $21 million.  …Read Entire Post

Apple breaks ground on first phase of 39-acre campus

Apple broke ground on the first phase of its $304 million expansion project on 38.8-acre campus in Northwest Austin.  The three-story office building will span 200,000 square-foot and is expected to be completed by 2015.  By 2021, an additional 800,000 square feet of space is expected to be built spread out over several buildings.

Click to read entire article:  Apple breaks ground on 1 milion square-foot Texas campus (Silicon Valley/San Jose Business Journal, 12-19-12).

River Place Corporate Park lands 50K sf VMware lease

 

River Place Corporate Park

VMware Inc. leased 50,000 square feet at River Place Corporate Park, 6500 River Place Blvd., for a second location. Other tenants of River Place include Motorola, ShoreTel and Edge of Reality.  Headquartered in Palo Alto, Calif., VMware Inc. opened its first Austin office in 2006 and employs about 500 workers.

Click to read entire article: Real estate roundup (Austin Business Journal, 11-21-12)