Bart Matheny of the Austin office of Insignia-ESG has represented the building owner, WXI/AJP Real Estate Ltd. and Jamil Alam of Trammell Crow Co.'s Austin office has handled negotiations for Herndon, VA-based Northrop Grumman. The six-year deal is a direct lease.
The owner has made major renovations after reducing the building to its shell. A new heating, ventilation and air conditioning system was installed and electric service was upgraded along with other changes made in the building's look.
The 278,131-sf office complex is near the intersection of Interstate 35 and Texas 183 in Austin's north central submarket. That submarket ended the third quarter with a 13.5% direct vacancy rate and an 15.3% overall vacancy rate.
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