AUSTIN–The Texas State Teachers Association building is being put on the market. CBRE has been given the exclusive marketing assignment for the 86,370 square foot property.
“Qualified investors have several options for this asset: establish a joint venture partnership with TSTA; repurpose or redevelop the existing office building on a long-term ground lease; or acquire the site and develop a new facility,” says Walter Saad, CBRE first vice president.
TSTA only requires between 32,000 square feet and 36,000 square feet in the property, although CBRE professionals say the company would be willing to relocate to another property as long as they can remain close to the Texas State Capitol.
The property, located at 316 West 12th St. was originally built in 1950. In 1972, an additional 51,605 square feet were added to the original 34,765-square-foot asset. A 104-space parking garage was also added that year.
The site is already zoned as downtown mixed use and has redevelopment potential up to 275,000 square feet, if zoning is changed to CBD.