San Francisco-based real estate firm Shorenstein Properties LLC (Shorenstein) recently announced the sale of the first office property at its Mueller Business District development in East Austin, Texas: Shorenstein sold the Alpha Building, currently under construction at 1900 Aldrich St., to the Teacher Retirement System of Texas (TRS). Troy Holme and Peter Jansen of CBRE represented the buyer. No details on price were disclosed in the press release.
Located north of downtown, the Alpha Building incorporates roughly 210,000 square feet of premier Austin office space across six stories. The property features large floor plates of between 35,000 square feet and 50,000 square feet; 14-foot ceiling heights; and outdoor spaces on each floor, as well as an expansive, ground-level, landscaped courtyard.
This is the first of four buildings planned by Shorenstein at the Mueller Office Complex. The Bravo Building, which is second in line, is planned to rise seven stories tall and encompass approximately 250,000 square feet of office space. According to terms disclosed in the press release, TRS has also committed to purchasing and occupying this property. Specifically, TRS plans to relocate select divisions of its headquarters — currently at 1000 Red River St. in central Austin — to the Alpha Building in 2023, while the remainder of its staff will move to the Bravo Building upon its planned completion in 2024.
“TRS looks forward to serving members in our new Austin location,” said Brian Guthrie, executive director of TRS. “The campus in the Mueller development ensures the System’s growing membership will have improved access to counseling staff and other services outside busy downtown Austin.”
“We are thrilled to partner with TRS on their headquarter campus at Mueller,” said Colby Wick, managing director at Shorenstein. “Mueller marries urban-style retail and entertainment with a lower-density neighborhood setting that includes generous parks and outdoor spaces — a compelling combination for companies returning to the office post-pandemic. We’re confident TRS has made the right decision and will enjoy calling Mueller home.”
Shorenstein is already planning buildings three and four at the Mueller campus. The Charlie and Delta buildings are set to add an additional 350,000 square feet to the project upon their completion, which is projected for 2024. In all, the Mueller office campus will total 800,000 square feet of brand new office space in East Austin that’s part of a 750-acre, pedestrian-oriented, mixed-use community located just minutes away from Interstate 35.
“TRS is beginning a new chapter, and this transaction will generate a positive, long-lasting impact for the System’s members,” said Holme, executive vice president at CBRE. “The search was long and carefully considered, but the right opportunity materialized at Mueller that will allow the System to best serve its membership of educators throughout Texas.”