Real Estate in Austin Texas – Two Exciting Projects

“A California company purchased two office buildings in Austin. Triple Net Properties LLC purchased the 433,024-square-foot property at 816 Congress in downtown, and Avallon, a 318,217-square-foot collection of office buildings in the northwest district of Austin. Both properties were purchased from Crescent Real Estate Equities Co. for $82.5 million. Crescent itself was purchased by Morgan Stanley Real Estate for $6.5 billion.

The Office Building at 816 Congress is a very distinct and prized office building in downtown Austin. Renovated in 1995 and originally built in 1983, this 20-story Class A office tower is in close proximity to the historic Texas Capitol. Offices on the upper floors have great views of the Capitol, and everyone in the building enjoys the elegant lobby, with limestone floors and walls, polished marble, sleek stainless steel planters, attractive lighting, comfortable seating areas and much more. An outdoor area adds a stylish touch to those who walk into the building. Due to its close proximity to the Capitol and its attractive interior, this office building has often attracted professional service firms, lobbyists and law firms. At the time of sale, 76% of the property was leased to 44 tenants.

The Avallon began construction in 1986 and was completed in 2001. This Class A office building actually consists of 5, 3-story buildings spanning 16 acres and totaling almost 316,000 square feet in Austin. The five buildings that make up The Avallon sit on a hill, among oak trees and fountains. This provides a very green environment and offers wonderful views to the tenants. The buildings elegant lobby features granite flooring, recessed lighting, decorative planters, suspended glass panels, marble floors, and many other amenities. Building tenants have access to property management, on-site security, a top-tier fitness center, and many more amenities.

The Avallon is conveniently located near Austin’s high-tech district. Located on Jollyville Road near US Highway 183, Loop 360 and the Mopac Expressway, the buildings are also close to the Arboretum District. Tenants enjoy nearby restaurants, shops, financial institutions and many more attractions within walking distance. The buildings also offer nearly 1,100 parking spaces in their garages. About 97% of the buildings were occupied at the time The Avallon was purchased. Many tenants are entrepreneurs or companies in the education, technology and engineering sectors.

In Austin, it’s not all about shopping. Construction is also an important component of downtown development. Construction recently broke ground on the third phase at Southpark Commerce Center. Endeavor Real Estate Group has begun work on building two, which is expected to have 192,000 square feet of space. The building is located southeast of I-35 and Ben White Boulevard, right on Frederick Lane. With Round Rock-based Chasco Constructors as general contractor and Endeavor as lessor, the project is moving ahead apace. The first tenant to sign on to the new project is Hill Country Electric. The company has already agreed to lease approximately 48,000 square feet from Endeavor. The new building will open in January.”