Barton Oaks Plaza (99,404 sf), located in the Southwest sector at 901 South Mopac Expy., has recently been acquired by California-based MIG Real Estate. The Class A office building was reportedly 96% leased at time of sale. …Read Entire Post
The Austin office market enjoyed a strong fourth-quarter performance punctuated by improved occupancy and increased rental rates. Newly commenced leases and expansions generated 416,080 square feet of positive net absorption in the final quarter of the year which raised the year-end total net gain to 936,358 square feet – one of the strongest annual performances in the past decade. The Austin office market closed the year with a citywide vacancy rate of 15.0%. …Read Entire Post
The Twin Towers office complex (190,570 sf), located at 1106 Clayton Lane in the Northeast sector, was recently purchased by Beverly Hills-based Omninet Capital LLC. The building, situated near the convergence of State Highway 183, U.S. Highway 290 and I-35, is the Omninet’s first Austin acquisition.
Click to read more: Beverly Hills investor buys Austin offices (Austin Business Journal, 1-8-13).
Travis Oaks at Southwest Parkway (123,513 sf) was recently acquired by Cornerstone Real Estate Advisers, an indirect subsidiary of Massachusetts Mutual Life Insurance Co. The three-story office building, located in the Southwest sector at 5113 Southwest Pkwy., was reportedly 93 percent leased at the time of sale.
Cornerstone’s also owns Southpark Commerce Center 4 (417,400 sf), a three-building industrial park in Southeast Austin and Park Central I (114,097 sf) – an office building in Northwest Austin co-owned with KMD Studley.
Click to read Cornerstone nabs large Austin office property (Austin Business Journal, 1-7-13).
Visa Inc. recently confirmed plans to create a major global information technology center in North Austin at the former Emerson Process Management building located at 12301 Research Blvd. The work to retrofit and equip the 175,000 square-foot building is expected to start soon and is estimated to cost $27.2 million. The center is projected to employ nearly 800 full-time workers by 2017.
Click to read: Visa confirms plans for Austin offices (Austin American-Statesman, 12-11-12)
VMware Inc. leased 50,000 square feet at River Place Corporate Park, 6500 River Place Blvd., for a second location. Other tenants of River Place include Motorola, ShoreTel and Edge of Reality. Headquartered in Palo Alto, Calif., VMware Inc. opened its first Austin office in 2006 and employs about 500 workers.
Click to read entire article: Real estate roundup (Austin Business Journal, 11-21-12)
A local software company plans to leave Southwest Austin (Barton Creek Plaza) and move its headquarters downtown next year to accommodate more employees. Price optimization software developer Zilliant Inc. plans to take 24,000 square feet at 720 Brazos St.— or the entire sixth floor of the Perry Brooks Building— in spring 2013, company officials said in a news release. The new space will allow the company to increase its workforce by 25 percent, Zilliant officials said.
Click to read entire article: Austin software developer Zilliant to move HQ downtown (Austin Business Journal, 11-12-12)
Rumors had WhaleShark Media Inc. moving into the signature space at the Seaholm Power Plant project, but in the end, the online coupon giant decided to stay in the same downtown Austin building where it has been located since 2011 — 301 Congress Ave. WhaleShark executives signed a lease for 95,000 square feet – 60,000 square feet more than the company currently occupies.
Click to read entire article: WhaleShark Media signs big lease downtown (Austin Business Journal, 11-20-12)
Austin Telco Federal Credit Union recently purchased the Balcones Centre (75,422 sf) – a multi-tenant, Class A office building located at 11149 Research Blvd. in North Austin. Austin Telco will at some point in the future move its corporate offices which currently reside at 8929 Shoal Creek Blvd. into the Balcones Centre building.
Click to read entire article: Austin Telco buys a new HQ (Austin Business Journal, 11-16-12)
New York-based Yodle Inc. recently opened its 100,000-square-foot office at Plaza 35 Business Park located at 12234 N IH-35 in north Austin. The move will accommodate employees from previous digs at 9300 United Drive but also allows room for anticipated growth – from 375 currently to more than 750 employees in the next five years.
Click to read entire article: Yodle raises curtain on new Austin operation (Austin American-Statesman, 9-19-12)