717 E Parmer
Parmer at Tech Ridge (320,500 sf), located at 717 E. Parmer Lane, was recently purchased by Gladstone Commercial Corporation for a reported $57.5 million, according to the SEC. The seller, Los Angeles-based Karlin Real Estate, flipped the property after buying the empty building only a year ago from Dell. …Read Entire Post
Domain 7 Rendering courtesy Endeavor
The Domain, a growing North Austin mixed-use development located off MoPac and Burnet Road, is slated to add two new office buildings totaling 362,000 square feet in Domain 2 (140,000 sf) and Domain 7 (222,000 sf).
Austin-based HomeAway Inc. has reportedly committed to 115,000 square feet in the planned five-story Domain 2 building. The space is expected to accommodate 750 employees for the online vacation rental service. HomeAway plans to take occupancy of the building in September 2014. …Read Entire Post
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
SolarWinds, Inc. will soon join AMD at its Lone Star campus located at 7171 Southwest Parkway. Earlier this year, AMD sold its Lone Star campus and then leased space back from the property’s new owners, Spear Street Capital.
Austin-based SolarWinds Inc., currently located at 3711 S. MoPac, Bldg. 2, recently signed a 13-year lease for approximately 230,000 square feet with options to expand. …Read Entire Post
Source: NAI REOC Austin/Xceligent
The substantial gains exhibited in the Austin office market in 2012 served as a solid springboard for continued improvement and growth in 2013. Maintaining leasing velocity, new leases and expansions commenced in the first three months of the year generated 223,653 square feet of positive net absorption.
Citywide, area office properties closed the first quarter with a vacancy rate of 12.6%. Tenants looking for space will likely encounter a more competitive environment than they remember just a couple of years ago and users may find fewer space alternatives due to Austin’s growing business base and tightening market. …Read Entire Post
Cousins Properties Inc., the Atlanta-based developer that built Austin’s Frost Bank Tower, recently broke ground on a Colorado Tower – a 29-story office building that will span roughly 371,000 square feet at Third and Colorado streets. Construction is expected to be completed November 2014.
According to Cousins’ press release, pre-leasing activity includes two high-profile companies – DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP.
Also underway is IBC Bank Plaza – a 13-story, 194,794-square-foot office tower which broke ground in April at 500 W. Fifth St. and scheduled to open in Spring 2014. …Read Entire Post
Austin office properties have been trading at a rapid clip since the first of the year, resulting in nearly 3 million square feet of commercial space being sold to a wide variety of investors through April.
Of deals that could be quantified, an estimated $386 million worth of properties has changed hands including the Advanced Micro Devices Inc.’s Lone Star Campus (851,881 sf) purchased by Spear Street Capital for a reported $164 million. …Read Entire Post
Bank of America Tower
The sale of Bank of America Tower, which has been in the works since last fall, is about to close, according to an article released by the Austin Business Journal. Dallas-based Stream Realty is set to purchase the 26-story downtown tower located at 515 Congress Avenue which has been owned by T. Stacy & Associates. The sale price was not disclosed but the property is valued by the Travis Central Appraisal District at more than $70 million. …Read Entire Post
Seaholm Power Plant
The papers are signed. The City of Austin has conveyed the Seaholm Power Plant on the southwestern edge of downtown to Seaholm Power, LLC – the developer who has plans to redevelop the property into a $100-million mixed-use project. The beloved landmark, sitting on five acres of prime waterfront property, will be converted to 60,000 square feet of office space that will feature a plaza and green space open to the public. In addition, the construction of a two-story retail building is expected to be complete by next summer which will be anchored by California-based specialty grocer Trader Joe’s. Construction of a 30-story apartment building featuring approximately 300 units will take about 30 months to complete. …Read Entire Post
323 Congress Ave.
Three historic downtown buildings, commonly known as the Swift Building, the Day Building and the McKean-Eilers Building, were recently purchased by local investment group Cielo Realty Partners. The three buildings, which date back to the late 1800’s, are located at 315, 319 and 323 Congress Avenue and span roughly 46,000 square feet. …Read Entire Post