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어스틴 (오스틴) 텍사스 부동산 뉴스 & 소식 (주택, 집, 콘도, 타운홈, 상업용 부동산)

Commercial Real Estate Beat

김세규
Author
admin
Date
2006-06-19 03:21
Views
1112



Aspen enters development biz

June 12, 2006

Aspen Properties Inc., one of Austin's largest office landlords, is getting into the development business.

Aspen, which has historically bought buildings to manage, is building a 100,000-square-foot office property at its Prominent Pointe project located at 8310 N. Capital of Texas Highway in Northwest Austin, marking the firm's first new development since returning to the local market in 2004.

The addition to Prominent Pointe will bring its total size to nearly 250,000 square feet. The project is expected to break ground during the fourth quarter and will take about 12 months to complete.

The proposal for the site, which is subject to governmental approvals from the City of Austin, includes the addition of a three-story office building and a parking garage on four acres. Aspen Properties will remove a large portion of a parking lot already on the site that will be replaced with a parking garage to serve the existing and new office buildings.

Aspen Properties bought Prominent Pointe in December 2004. It was attracted to the property because of the potential for expansion and the strategic location.

"This development foreshadows the kind of activity we plan on doing much more for years to come in Austin," says John Tworoger, founder and CEO of Aspen.

Aspen also has seven acres under contract along Bluffstone Drive to dedicate to the nearby Bull Creek greenbelt.

"Aspen shares Austin's environmentally conscious values, and we aim to create well-balanced projects that are welcomed by the community," Tworoger says.

While the Northwest Austin area may seem saturated with office buildings, just the opposite is true.

The Northwest Austin office market has seen demand -- and rental rates -- rise recently because there has been little new office development, says Jonathan Tate, senior associate of the office division at Trammell Crow Co.

As a result, demand is starting to outstrip supply.

"Demand has risen because of corporate expansions and relocations," Tate says. "Some companies are choosing to relocate in that area in order to be near their employee base -- many of whom commute in from the residential neighborhoods that have been built in Northwest Austin over the past few years."

Trammell Crow is building a 243,200-square-foot, two-building office at U.S. Highway 183 and Oak Knoll Drive.

Tate says the area is home to high tech, an industry that only recently began seeing signs of improvement. Tate adds that the Northwest market is second only to the Southwest market in terms of deal flow and demand.

"The area will continue to have growth potential because of the need for some employers to locate close to the workforce," Tate says.

Other changes on the horizon for Aspen include putting two buildings up for sale, and putting another downtown building under contract. Sources say Aspen Properties is under contract to buy the 205,000-square-foot building at 1616 Guadalupe for an undisclosed price.

That project is immediately north of Aspen Properties' other downtown office property, the Wells Fargo building, located at 400 West 15th St.

Plans for the 1616 Guadalupe building include full renovation of its interior and exterior and the addition of ground-floor retail, real estate sources say.

Aspen couldn't be reached for comment on that project.

Aspen is also selling two of its offices complexes -- Austin Oaks and Northpoint Centre, both located in Northwest Austin:

  • Austin Oaks is a 12-building, 442,000 square foot office complex situated on 31 acres at the southwest corner of MoPac Expressway and Spicewood Springs Road.
  • Northpoint Centre is a two-building, 150,000-square-foot office complex on 9.5 acres at the southwest corner of MoPac and Far West Boulevard.

Aspen has made renovations to both properties, which helped bring both properties to a 95 percent occupied level.

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