Construction ready to go on downtown Austin office tower

Sep 25, 2014
Austin Business Journal

Last week I speculated that the proposed 5th+Colorado Tower was poised for construction and now it's been confirmed. Developer Lincoln Property Co. representatives said a building permit is in hand and Austin Commercial has been selected as general contractor

Johnston is teaming up with Trish Williams, another LPC vice president, on the leasing and management of the tower

The 18-story office building at the southwest corner of Fifth and Colorado streets is scheduled to be completed in the first quarter of 2016

Preleasing interest has been strong, Williams said, though tenants have yet to be announced

Just down the street, the Colorado Tower at 303 Colorado being built by Atlanta-based Cousins Properties already is 95 percent leased, though tenants won’t be moving in until December. The IBC Bank Plaza at Fifth and San Antonio streets also is nearly complete and largely leased

Office brokers recently have observed that despite the new product coming on the market, occupancy in the Central Business District is growing tight again as more businesses relocate or expand downtown

The 5th+Colorado Tower will feature nine floors of office space above the eight-floor parking structure. Floor plates will be 19,000 square feet. The first floor will feature retail tenants

Designed by HKS Inc. of Dallas, the building is slated to be LEED Silver certified. The local art community will be featured in a video loop that will be played continuously on the lobby walls

LPC’s financial partner on the office tower is Goldman Sachs

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