While the firm’s recent moves suggest a renewed push in Texas, they aren’t the firm’s first rodeo: In 2014, Related bought 21 apartment buildings totaling some 3,000 units in Midland and Odessa. Elsewhere in Texas, Related has pounced on skyrocketing multifamily rents, acquiring the 520-unit Arium Creekside Apartments in Dallas. Related’s plans for 500 South Congress aren’t yet clear, but the purchase price of nearly $11 million an acre suggests it expects to pull serious returns. “South of the river has never really had office buildings of scale,” Rogers said. Nearby, Endeavor Real Estate plans a six-tower redevelopment of the former Austin American-Statesman HQ on the river. Stream recently finished RiverSouth, a 15-story, glass-walled office building on South First Street. ![]() In particular, the area south of Lady Bird Lake has become one of the most popular areas for new development to fill that appetite. “You’ve got a market that really isn’t overbuilt,” said Travis Rogers of Stream Realty. All told, there’s still demand for quality office space in Austin. While sublease availability rose in the third quarter, high-end new construction like Kilroy Realty’s Indeed Tower have continued to hoover up leases in the post-pandemic environment. It will be built out of mass timber, an eco-friendly material gaining popularity across the country.Īustin leads the nation in office occupancy, according to card swipe data from security firm Kastle. ![]() Related aims to start building the smaller office building next year and finish it by 2024. Renderings show it will feature all the trappings of Related’s Class-A office spaces in New York and Los Angeles, like floor-to-ceiling glass walls, wraparound balconies and ample green space. ![]() One Lady Bird Lake, the larger of the firm’s two planned office buildings, will break ground in 2023 and wrap up construction by 2025.
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