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Austin Texas Real Estate: Two Exciting Projects

Oct 10, 2007
Two Austin office buildings have been purchased by a California company. Triple Net Properties LLC bought both the 433,024-square-foot property on 816 Congress in the downtown area, and Avallon, a 318,217-square-foot set 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 bought 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 constructed in 1983, this 20 story Class A office tower is very close to the historic Texas Capitol. Offices on top floors have excellent views of the Capitol, and everyone in the building enjoys the elegant lobby, with itslimestone flooring and walls, polished marble, stylized stainless steel planters, attractive lighting, comfortable seating areas, and much more. An outdoor area adds an elegant touch to those walking up to the building. Because of its closeness to the Capitol and because of its attractive interior, this office building has often attracted professional service businesses, lobbyists, as well as law firms. At the time of the 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 which encompass 16 acres and total almost 316000 ft. in Austin. The five buildings that make up The Avallon are set on a hill, among oaks and fountains. This provides a very green environment and offers wonderful views to tenants. The elegant lobby of the buildings features granite flooring, inset lighting, decorative planters, suspended glass panels, marble flooring, and many other amenities. Tenants of the buildings have access to property management, on-site security, a top-flight workout facility, and many more amenities.

The Avallon is conveniently located right near Austin's high-tech district. Situated on Jollyville Road near U.S. Highway 183, Loop 360 and Mopac Expressway, the buildings are also close to the Arboretum District. Tenants enjoy nearby restaurants, shopping, financial institutions, and many more attractions within easy walking distance. The buildings also offer almost 1100 parking spaces in its parking garages. About 97% of the buildings were occupied at the time that The Avallon was purchased. Many tenants are entrepreneurs or businesses in the education, technology, and engineering sectors.

In Austin, it's not just purchasing that's being done. Building is also a major component of downtown development. Just recently, construction was begun on the third phase at Southpark Commerce Center. Endeavor Real Estate Group started work on building two, which is expected to boast 192,000-square-feet of space. The building is situated southeast of I-35 and Ben White Boulevard, right on Freidrich Lane. With Round Rock-based Chasco Constructors as the general contractor, and Endeavor as the landlord, the project is proceeding apace. The first tenant to sign on with the new project is Hill Country Electric. The company has already agreed to lease approximately 48,000 square feet from Endeavor. The new building is set to open in January.
About the Author
Kinan Beck is the Broker and co-owner of One Source Realty in Austin Texas. Visit Kinan's Austin Real Estate Guide, visit his Austin Texas Real Estate company's website.
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