$200M project with homes, shops, offices headed to Round Rock; Officials say it would ‘raise the bar’ for area

A California real estate firm wants to invest $200 million in a mixed-use development at the busy intersection of State Highway 45 and I-35 in Round Rock.

Round Rock is considering offering incentives for the master-planned project, which would include at least 1 million square feet of commercial and residential development. That’s roughly equivalent to what Barton Creek Square mall has to offer, in terms of square footage.

Click to read more at Austin Business Journal.

While Oracle puts finishing touches on new Austin office, tech giant buys more adjacent land

Oracle Corp. appears to planning for expansion of its Southeast Austin campus even before the $300 million-plus development is completed.

Public records show that Oracle America Inc. purchased around six acres at 2225 Elmont Drive, directly south of its 560,000-square-foot campus now under construction. The six-acre plot of land was purchased from an entity formed by Cypress Real Estate Advisors.

Click to read more at Austin Business Journal. 

The commercial real estate world, according to Austin brokerage veteran Mike Kennedy

Once a small commercial real estate market with an equally small cadre of brokers, Austin is now a magnet for young professionals learning the biz. There are still a few long-serving experts who understand how Austin became Austin, and how it can continue its successful upward trajectory.

Mike Kennedy of Avison Young, as such, may be the dean of brokerage in Austin, having moved here in 1985 from Houston where he learned the business in tandem with being an attorney.

“I went to law school because I always had an interest in being a professional, and I felt like being a lawyer would put me in that category. It provided a good business education as well, and it’s proven to be very helpful over the years,” Kennedy said.

Click to read more at Austin Business Journal.

Austin office rents top even Seattle and Silicon Valley among nation’s most expensive markets, report says

Austin’s red-hot commercial real estate market means office tenants are paying rental rates similar to those found in some of the country’s priciest cities.

That’s according to new research on the cost of office space from CommercialCafe, a real estate research firm.

A tenant spending $5,000 per month for Class A office space can get 1,087 square feet in Austin.

That trails only Boston (where you could afford 1,006 square feet); Washington, D.C. (849 square feet); San Francisco (803 square feet); and New York City (703 square feet).

Click to read more at Austin Business Journal. 

Austin’s biggest office towers for 2017

Our annual list of the largest multi-tenant office buildings in Austin is out, and downtown skyscrapers continue to tower over the competition.

You can see photos and key statistics for the top 10 via the slideshow on this page. ABJ subscribers can dive into more data about the top 25 office buildings in the area here. We also have a new list of the 25 largest multi-tenant office parks in Central Texas.

Click to read more at Austin Business Journal.

Prime downtown Austin redevelopment properties for sale by Velocity Credit Union

A prime redevelopment opportunity near the Texas Capitol has hit the market with Austin-based Velocity Credit Union putting properties at 610 E. 11th St. and 705 E. 12th St. up for bids.

Aquila Commercial has the listing for the two parcels, which could be redeveloped as a mid-rise and high-rise mixed-use project.

Currently, Velocity occupies the buildings — named Sabine East and Sabine West — for operational headquarters, back-office staff and a customer branch. Collectively, the properties encompass about 93,000 square feet and include surface parking.

Click to read more at Austin Business Journal.