Another major office development breaks ground in NW Austin

Jan 21, 2015
Austin Business Journal

Another Class A office building is under construction — this time in far northwest Austin near Lakeline Mall


Aspen Lake Two includes 129,000 square feet of office space with 54 percent of the building already leased to Q2 Holdings Inc., an Austin-based financial services company that has been 


growing rapidly in recent years


Patrinely Group headquartered in Houston is the developer


Crimson Real Estate Fund is partnering with San Antonio-based USAA Real Estate Co. as the owners of the project


"This is Patrinely's first ground up project in Austin, although they have a deep national resume," said Ben Tolson, the exclusive listing broker for the property in partnership with Bart 


Matheney


Both are principals with brokerage Aquila Commercial LLC


Though suburban offices sometimes lack the high level of design that normally accompanies downtown high-rise office buildings, Patrinely Group has tapped Gensler — a highly lauded 


architecture firm for the design of the building. Harvey Builders of Houston is the general contractor


The project is on a fast track schedule with completion slated for this fall


About 59,000 square feet remains available for lease — about 34,200 square feet on the second floor and 26,000 square feet on the first floor


The address is 13785 Research Boulevard, which is in the city of Austin but sits in Williamson County


Crimson purchased the first phase of the platted development in a distressed financial state. Aspen Lake One, which although it was shiny and new, sat vacant for a long time during the 


recession. The original developer filed for Chapter 11 Bankruptcy and Crimson picked up the property in March 2011 — its first Austin acquisition


In short order, Crimson leased it up to 100 percent as Austin's economy surged ahead — largely on the strength of technology growth. One of the first major tenants Crimson secured was Q2 


Holdings, which provides cloud-based banking solutions


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