Each week day, AQUILA curates the most interesting articles from across Austin, ranging from commercial real estate investment news, to the city’s economy, growth and accolades, in our Daily Update newsletter. Here’s what caught our subscribers’ eye in March.
Two major transactions took place in downtown Austin this month, the sale of Chase Tower and a lease at Google’s new office building. Two new hotels are set to deliver downtown from one of Austin’s major hotel developers. And two new developments for 7700 Parmer in Northwest Austin. Finally, Forbes list of the world’s billionaires included seven local figures, from tech moguls to tequila titans.
Lincoln Property, Goldman Sachs buy Austin’s 10th-largest office tower
At the beginning of the month, it was announced that Lincoln Property Co. and Goldman Sachs & Co. had partnered to purchase the Chase Tower, Austin’s 10th-largest office tower. The office tower, located at 6th and Colorado, is home to major tenants JPMorgan Chase Bank, Stantec and the Headliners Club.
See who else has signed for space inside downtown Austin’s Google tower
Reading, England-based recruiting firm Austin Fraser made plans to expand their Austin headquarters by taking 6,000 square feet at one of the city’s newest office towers, 500 West 2nd. Google has plans to establish a 200,000-square foot regional hub within in the tower; other tenants include Deloitte, King & Spalding LLP and CBRE.
Developer to spend $220M on new Austin hotels; Popular McDonald’s to be demolished
White Lodging Services is set to deliver two new hotels in downtown Austin – one near the convention center on Cesar Chavez and the other adjacent to The University of Texas on San Antonio Street. White Lodging owns and operates numerous hotels throughout the city, including the Westin Austin Downtown and the Westin Austin at The Domain.
Austin’s 7 richest residents on Forbes global list made fortunes in sectors from tech to hair care
Forbes’ 2017 list of the world’s billionaires featured seven Austinites this year. Leading the list was Michael Dell, CEO of Dell Technologies. Other Austinites on the list include Thai Lee, CEO of SHI International Corp.; Brian Sheth, Co-founder and President of Vista Equity; Robert Smith, CEO of Vista Equity; Bryan Sheffield, CEO and President of Parsley Energy; David Booth, Executive Chairman of Dimensional Fund Advisors; and John Paul DeJoria, Co-founder of Paul Mitchell and Patron Spirits.
Accesso Partners to expand 7700 Parmer by 20% as eBay renews 214K SF lease
Technology giant eBay renewed it’s 214,000-square foot lease at 7700 Parmer, in Far Northwest Austin. Other major tenants of the office campus include Oracle, Google, PayPal, Electronic Arts and Dun & Bradstreet. At the same time, property owner Accesso Partners announced that they will be building a fifth building on the campus, bringing the the total size from 900,000 square feet to over 1.1 million square feet.
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