AUSTIN–The Texas State Teachers Associationbuilding is being put on the market. CBRE has beengiven the exclusive marketing assignment for the 86,370 square footproperty.

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“Qualified investors have several options for this asset:establish a joint venture partnership with TSTA; repurpose orredevelop the existing office building on a long-term ground lease;or acquire the site and develop a new facility,” saysWalter Saad, CBRE first vice president.

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TSTA only requires between 32,000 square feet and 36,000 squarefeet in the property, although CBRE professionals say the companywould be willing to relocate to another property as long as theycan remain close to the Texas State Capitol.

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The property, located at 316 West 12thSt. was originally built in 1950. In 1972, an additional51,605 square feet were added to the original 34,765-square-footasset. A 104-space parking garage was also added that year.

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The site is already zoned as downtown mixed use and hasredevelopment potential up to 275,000 square feet, if zoning ischanged to CBD.

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