Encino Trace Rendering
Brandywine Realty Trust recently purchased the 54-acre Encino Trace office park project from San Antonio-based real estate developer Koontz McCombs.
The land, located at 5707 Southwest Parkway, along with the development rights traded for a reported $14 million. The suburban campus is set to include 320,000 square feet of Class A office space along with a parking garage. Additionally, the complex is slated to feature an on-site fitness center and other outdoor activity amenities. …Read Entire Post
Cedar Park Professional Offices
Cedar Park Professional Offices, a two-building medical/professional office project, is complete and ready for tenants.
The two-story buildings (12,000 sf each) are located at 1120 Cottonwood Creek Trail and Medical Drive just off FM 1431, near the Cedar Park Regional Medical Center. …Read Entire Post
The top three floors of the new six-story building under construction at 501 Congress Avenue (116,435 sf) have reportedly been leased by California-based Dropbox, a cloud-storage and file-sharing service. The tech firm will occupy roughly 60,000 square feet when the building opens in January of next year. …Read Entire Post
Source: REOC Austin/Xceligent
Throughout the Austin metro area, demand for office space continued to drive local office market activity in the first quarter. New leases and expansions generated 284,205 square feet of positive net absorption for the period beginning in January and ending in March. As a result, the citywide vacancy rate tightened to 10.5% compared to 11.3% last quarter and 12.6% recorded in the same quarter a year ago.
As vacancy rates continue to decrease, rental rates maintain their upward climb. The citywide average quoted rental rate increased to $26.18 per square foot – up $0.59 compared to last quarter and $1.87 compared to last year at this time which marks a notable annual jump of 7.7%. (Buildings quoted on a triple net basis are adjusted to include expenses in order to provide a full-service equivalent.) …Read Entire Post
3100 Alvin Devane Blvd.
Texas Computer Education Association (TCEA) recently purchased one of two office buildings located on the city’s southeast side at 3100 Alvin Devane Blvd. formerly known as Sierra Technology Center. TCEA, which promotes the use of technology in the classroom, reportedly paid $2.9 million to Drawbridge Realty Trust for the 37,297-sf building which is visible from East Ben White Blvd. near Montopolis Drive.
The association plans to renovate the space before relocating from its current facility at 8134 Exchange Drive. …Read Entire Post
The Avallon (318,000 sf), a five-building office complex, was recently acquired by San Francisco-based DivcoWest Real Estate Investments. The seller was Highbrook Investment Management LP in New York.
The complex, located near Morado Circle and Jollyville Rd. in Northwest Austin, was reportedly 88 percent occupied at the time of closing with 19 tenants. New signage and updates to common areas are planned. …Read Entire Post
Websense Inc. will move its corporate headquarters to Austin and bring with it a projected 470 jobs and about a $10 million investment.
The company’s Feb. 28 announcement follows City Council’s approval of a $438,000 incentives deal that also allowed the company access to a state-funded $4.5 million incentives package. San Diego-based Websense is a technology security company that was founded in 1994. …Read Entire Post
Endeavor Real Estate Group is about to break ground on Rollingwood Center on BeeCave Road. The project will consist of two office buildings — one a four-story structure with 155,000 square feet and the other a two-story building with 60,000 square feet.
The project’s cost will be about $50 million, with the buildings scheduled to be ready in early 2015. …Read Entire Post
Aspen Lake One
Brooklyn, New York-based Fortis Property Group recently acquired three office properties in Far Northwest Austin. The largest of the three buildings is Aspen Lake One (205,071 sf) – a four-story 100% occupied office building situated at 13875 Research Blvd. The other two buildings included the 10-story Tower of the Hills (174,000 sf) located at 13809 Research and Tower Point at 13805 Research. …Read Entire Post
Source: REOC Austin
Austin-area office properties turned in another strong performance in the final quarter of the year to close out 2013 on a high note. According to the survey of more than 41.6 million square feet of office space, new leases and expansions generated 269,356 square feet of positive net absorption in the fourth quarter.
Combined with the gains logged earlier in the year, fourth quarter activity pushed the annual total absorption figure over the one million mark to 1,071,129 square feet. In turn, the positive absorption tightened the citywide vacancy rate to 11.3% – a level not seen since 2007.
“Over the past two years, tenant demand for office space has steadily filled former “see-through” buildings and other large blocks of vacant space. With the area’s vacancy rate restored to a pre-recession level, the market is ready for growth once again,” says Doug McGregor, Senior Office Consultant, REOC Austin. …Read Entire Post