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Staking a claim near The Domain

ConstructionCoHPI Real Estate Services & Investments hopes to lure some large tenants with a visually stunning office building planned near Braker Lane and Burnet Road.

The Austin-based developer is rolling out the renderings for 10721 Domain Drive with an aggressive pitch to companies seeking a commanding presence at a major intersection at The Domain — the massive mixed-use development in North Austin.

HPI is developing the office building on behalf of owner Stonelake Capital Partners LLC, a Dallas-based company with strong investment activity locally.

Stonelake purchased the 31.3-acre property in 2011 knowing it had developable parcels. IBM still occupies the almost 500,000-square-foot building that has been there since 1979. In addition to the new office building, which is being built on a five-acre area currently used as surface parking, Stonelake has engaged Dallas-based StreetLights Residential to build an apartment community on the land nearest Dillard’s department store.

The competition is getting more intense for landlords with so much office space being delivered across the city. It also seems — at least anecdotally — that leasing velocity has slowed in some areas of town.

Paddock said he has noticed a drop-off of viable leads from the Austin Chamber of Commerce.

The proposed 308,000-square-foot building features a compelling convergence of planes and lines. The design is from BOKA Powell, which most recently handled the Lamar Union project in South Austin. Big Red Dog is the civil engineer. A general contractor has yet to be selected.

Baker said there will be an emphasis on cool amenities, including a shaded patio for yoga classes and shuttles or golf cart transportation for employees who need a lift to stores and restaurants on the other side of The Domain.

Click to read entire article: Staking a claim near The Domain (Austin Business Journal, 11-20-15)

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