AUSTIN-Sage Land Co. and Capital City Partners LLC have secured $35.7 million of construction financing for the 116,000-sf Capstar @ Compass Plaza on the west side of the CBD. The class A building will be completed in late third quarter 2009.

The eight-story building at West 5th Street and Mopac Expressway is more than 90% preleased, according to Jim Lemos, principal with Austin-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 has created so much demand. “This is in such a great location at the corner of West 5th and Mopac Expressway,” says Lemos, who teamed with Texas Realty Capital principal John Morran to arrange financing with Thrivent Financial for Lutherans of Minneapolis.

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