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Cousins Properties, an Atlanta-based publicly traded real estate investment trust, recently acquired the remaining stake in 300 Colorado — the latest move in the company’s portfolio restructuring activity in 2021. A new development that was completed early this year, the 32-story high-rise on Colorado Street incorporates 369,000 square feet of state-of-the-art modern Austin office space.
San Francisco-based real estate firm Shorenstein Properties recently sold the first phase of its Mueller Business District development in East Austin to the Teacher Retirement System of Texas. Shorenstein sold the Alpha Building, which is currently under construction at 1900 Aldrich St. and is expected to deliver 210,000 square feet of premier Austin office space across six stories, with large floor plates of up to 50K square feet.
Walton Street Capital, LLC recently announced that one of its affiliates had acquired Eastlake at Tillery, a newly developed property located in the highly desirable submarket of East Austin, Texas. Located at 3212 East Cesar Chavez St., Eastlake at Tillery includes two three-story buildings that together incorporate roughly 172,400 square feet of class A Austin office space. Notably, Eastlake at Tillery is home to the first Work & Mother suite in Austin.
During the last decade, Austin recorded a population growth of 22%, which ranked it as the seventh-fastest-growing city in the country. Likewise, the local office market also underwent a significant expansion to reach a total of 76,554,796 square feet of existing office space at the close of 2020 — the 11th-largest office market of the cities considered for this analysis. Moreover, new local developments since the start of 2010 marked the fifth-largest pipeline yield, both by office square footage added (nearly 17 million), as well as percentage increase throughout the decade (28%).
Austin’s commitment to “staying weird” almost implies an obligation to embrace and nurture art and creativity in every aspect of life — and so it has. In 2015, Austin became the first (and only) city in the United States to receive a “City of Media Arts” designation from UNESCO. From striking and quirky street art to massive, multi-discipline yearly festivals, Austin continues to deliver on its promise to itself — a rich culture that is always fresh.
The office market in Austin expanded by more than 16 million square feet and the residential side grew by more than 41,700 units since 2018, both of which marked some of the largest increases among mid-sized cities in the U.S.
Austin saw the largest growth of LEED-certified office space, among the top 10 most eco-friendly markets in the U.S. By overall score, the Texas city ranked ninth in the country for eco-friendly office space.