New Curved Office Tower Leased by Google Sails Into Austin’s Skyline
CoStar – 12/30/2021
With less than six months to go before a Google-leased office tower in downtown Austin is completed, the curved 35-story building has already transformed the skyline over Lady Bird Lake.
Google’s tower at 601 W. Second St., formerly known as Block 185, is on track for its core and shell to be finished in May, said Aaron Thielhorn, managing director for developer Trammell Crow Co. Rising 590 feet, the tower is expected to be the tallest in Austin that is only office space.
Teacher Retirement System of Texas Buys Austin Building for New Headquarters Campus
CoStar – 1/3/2022
The Teacher Retirement System of Texas (TRS) has acquired a soon-to-be-completed office building in the Mueller Business District in Austin, Texas, where it plans to establish its new headquarters campus.
The retirement system, one of the largest in the country with a pension fund totaling around $201.8 billion as of August, completed a deal with Shorenstein Properties to buy the 236,428-square-foot, six-story building at 1900 Aldrich St., also known as the Alpha Building. TRS plans to relocate select divisions to the Alpha Building in the spring of 2023.
State Job Performance November 2021 – Four States Now Back to Pre-Pandemic Levels
Stewart Title – 12/31/2021
Jobs are everything to the economy. Jobs ultimately create and sustain the demand for real estate of all types. Good news is that now four states – Utah, Idaho, Texas and Arizona – had more jobs in November 2021 than in February 2020, the month prior to the pandemic, as reported by the U.S. Bureau of Labor Statistics (BLS). Good news for most readers of this blog, the primary recovered sector is real estate.
Pearlstone’s Next 2 Projects: Tower Near SXSW Center, Condos On S. Lamar
ABJ – 1/5/2022
Development firm Pearlstone Partners LLC continues to pursue a unique strategy to try and address the tight residential market. The Austin-based firm has revealed details on two new projects slated to start construction in mid-2022 and early 2023.
The first: Pearlstone plans to build 170 condos at 2323 S. Lamar Blvd., in the desirable 78704 ZIP code. The second project will replace a dilapidated gas station in downtown Austin with a residential tower at 14th and Lavaca streets, near the SXSW Center.
Austin Area Among Top U.S. Markets For Home Sales In Master-Planned Communities
Austin Culture Map – 1/7/2022
The Austin area — particularly the Capital City’s surrounding suburbs — is mastering the art of the master-planned community. A report released January 4 by RCLCO Real Estate Advisors shows the Austin metro area was home to two of the 50 top-selling master-planned communities last year. They are:
» Santa Rita Ranch, Liberty Hill, Mariner Real Estate Development, ranked 38th with 515 homes sold in 2021 (down 20 percent from 2020).
» No. 40, Sunfield, Buda, Scarborough Lane, ranked 40th, with 504 homes sold in 2021 (down 15 percent from 2020).
Real Estate Roundup: Alabama Firm Buys Suburban Land For Rentals; Austin Firm Scoops Up Prime Downtown Site
ABJ – 1/6/2022
◈ Birmingham, Alabama-based LIV Development LLC acquired a 30-acre parcel at the intersection of State Highway 130 and East Pecan Street from Austin-Pecan Ventures LLC and plans to build 463 rentable units on the site.
◈ Austin-based developer Wilson Capital has plans to redevelop the site of the Avenue Lofts condominiums on East Fifth Street.
◈ MTM Transit LLC signed a lease extension for 32,000 square feet at 817 W. Howard Lane in Austin.
◈ Paradise Spas & Outdoor Living signed a 20,000-square-foot industrial lease at 12955 Wright Road, Creedmoor.
◈ Olly Olly leased 10,011 square feet of office space at Atrium Office Building, 8701 N. Mopac Expy.
◈ Smoke N Chill has leased 3,339 square feet at 9709 Menchaca Road in Austin.
372K-Square-Foot Office Tower On Austin’s South First Street To Be Completed In Early 2022
Community Impact – 1/3/2022
Construction on the 372,000-square-foot RiverSouth office project is expected to wrap up in early 2022 with its first tenants moving in next spring. Development of the 15-story tower from Stream Realty Partners, located at the former home of a south shore Hooters restaurant at 401 S. First St., Austin, has been underway for years. Stream said the building is now around 50% preleased.
SOLD: East Austin Boutique Hotel
BeckReitcre.com – 1/3/2022
The Cat Noir Hotel has sold. The property had multiple offers in less than 24 hours & within a week it was under contract after a bidding war that drove the price above asking. The property was picked up by a local hotel group looking to expand their Austin holdings and take advantage of “revenge travel” in 2022. For more details, click on the link below.