AUSTIN—PlainsCapital Bank is the first announced tenant for the under-construction 5th+Colorado downtown office tower.

The Dallas-based bank has signed a lease for approximately 15,000 square feet of office space on the 10th floor of the building, along with an additional 1,800 square feet at ground level as a retail location.

“PlainsCapital is excited about the relocation of our downtown Austin bank,” said Paul Holubec, Austin region chairman, in a release. “We are certain our customers and employees will benefit from the convenience of the new building at 5th and Colorado streets. This move will position our downtown location for continued growth.”

PlainsCapital Bank is presently located at 919 Congress Ave. and will move into its new location when the building opens next March. The bank launched its Austin presence in 2000, and has grown to one the largest commercial banks in the Austin area. It operates six offices in Central Texas and reports $574.2 million in local deposits, according to the FDIC. It's the fifth-largest Texas-headquartered bank by deposit market share, operating 68 Texas branches and employing more than 1,300 employees.

“PlainsCapital epitomizes the type of quality tenant we are targeting for our new location,” said Trish Williams, vice president of leasing for Lincoln Property Co. “5th+Colorado is seeing a tremendous amount of activity and we feel that the building will be a tremendous addition to downtown Austin.”

Lincoln Property Co. began construction on the 179,289-square-foot office building in October, and is currently constructing the 11th floor of the 18-story tower.

The project is just a few blocks away from downtown Austin's other new office tower, Colorado Tower, which is fully leased. Earlier this month, Brandywine Realty Trust shared its intent to build an office project at the northeast corner of Fourth and Colorado streets; no timetable has been set.

“The west end of downtown is really booming due to the action at Seaholm and Green and new residential, retail and restaurant projects. All of this activity is a magnet for employers and one of the reasons Colorado Tower and IBC leased up during construction,” says Bob Wynn, partner/co-founder with Cushman & Wakefield | Oxford Commercial.

Wynn and Rick Whiteley, also a partner with Cushman & Wakefield | Oxford Commercial, represented PlainsCapital Bank in the transaction.