The eight-story building at West 5th Street and Mopac Expresswayis more than 90% preleased, according to Jim Lemos, principal withAustin-based Texas Realty Capital. Work began last week.

Lemos says preleasing was a prerequisite for the groundbreaking,adding he's surprised that an office building west of Downtown hascreated so much demand. "This is in such a great location at thecorner of West 5th and Mopac Expressway," says Lemos, who teamedwith Texas Realty Capital principal John Morran to arrangefinancing with Thrivent Financial for Lutherans of Minneapolis.

"Sage has been a client of ours for 15 years and has partneredwith Thrivent on several developments in the past," Lemos says. "Itwas just one of those situations in which all the stars lined up inthe right place." He adds that Thrivent is also kicking equity intoCapstar @ Compass Plaza.