Press Release: Leasing Activity Strong at Frontera Crossing
Sep 26, 2008
Aquila Commercial
AUSTIN, TEXAS (Sept. 26, 2009) - Two new leases in Frontera Crossing will bring a building that was vacant last summer up to a healthy 70 percent occupied level.
The lease deals enable one company to enter the Austin market and other to continue an aggressive local expansion. Dashiell LLC plans to enter the Austin market by year's end, hiring approximately 40 people and moving into approximately 11,000 square feet on the third floor of Frontera Crossing. Field Asset Services, an existing tenant, will expand by 28,000 square feet, bringing its total allocated space in Frontera Crossing up to 67,000 square feet.
Frontera Crossing, a 165,000-square-foot, four-story office building, was purchased by Bethesda, Md.-based real estate company Moore&Associates Inc. in June 2007. It is located on approximately 20 acres near the southwest corner of I-35 and SH 45 North.
Unmatched freeway access, proximity to retail amenities, new contemporary interior finishes, the Landlord's ability to deliver space quickly and the overall efficiency in terms of pricing, layout and parking were major draws to the project for each of the tenants. The two most recent leases bring building occupancy to 70 percent, with a total of 113,400 square feet having been leased in approximately the past nine months.
"We knew Frontera Crossing was well located and positioned in the path of growth. The response from the market indicates our improvements were well-received, and that momentum is strong for well-located, right-priced properties," says Vince Coviello, executive vice president with Moore&Associates. "Recent activity relative to otherwise slow absorption across north Austin suggests the market recognizes distinctive value within our project."
Austin-based Aquila Commercial represented Moore&Associates in the lease transactions.
David Putman, principal with Aquila Commercial says: "On top of being able to negotiate lease terms quickly, Frontera Crossing required significantly less improvement work than new value product in shell condition, so expedited occupancy dates can be met."
Moore&Associates also oversees general construction work - a strategic decision that helps speed up the time it takes to deliver space in buildings like Frontera Crossing for its clients.
Houston-based Dashiell provides electrical systems. Since its inception in 1960, the company has focused on turnkey design and installation of high voltage substations and switchyards, with utility, industrial, petrochemical, and merchant power applications.
Lonnie Sherman has been tapped to oversee the new Austin office.
"Dashiell has selected Austin, Texas as an ideal location for our new office. Austin provides an attractive location for recruiting the professional staff necessary to support our engineering, construction and testing operations that serve the high voltage electrical power industry," says Sherman, director - engineering for Dashiell. " We selected Frontera Crossing as it provides a professional office environment, adequate space to meet our future growth needs, and close proximity to quality housing, hotels, restaurants, and transportation."
Austin-based Field Asset Services, or FAS, provides field services for the mortgage industry.
In March, FAS announced its lease of approximately 39,000 square feet in Frontera Crossing, with plans to expand by an additional 10,000 square feet in 2009. But the company decided it needed even more space in a faster time frame, opting to lease an additional 28,000 square feet now.
Charles Dixon, Erin Morales, and Nate Stricklen of the local CB Richard Ellis Inc. office represented Dashiell while Jon Aleshire of The Aleshire Co. represented Field Asset Services in the two new lease transactions.
About Moore&Associates Inc.
Moore&Associates Inc. is a Maryland-based commercial real estate firm with one main goal: to create value. Everything else - return for our investors, satisfaction for our tenants, profits for our firm, profit-sharing for our employees - all of this is a direct and inevitable result of constant attention and total focus on creating value. Main components of our business include: leasing, property management, development tenant construction, property management and handling acquisitions/dispositions. For more information, please visit: www.mooreassociates.com.
About Aquila Commercial
Harkening the powerful and noble Aquila eagle, Aquila Commercial LLC is a full-service commercial real estate firm based in Austin, Texas. Launched in January 2007, a group of six core founders have a combined total of more than 80 years of direct industry experience working for major national companies from CB Richard Ellis to the Trammell Crow Co.
Recognized by their peers and publications as some of the top producers in their respective disciplines, Aquila Commercial seeks to emulate the Aquila eagle's reputation for flying higher and maintaining the sharpest vision. For more information, please visit: www.aquilacommercial.com.
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