With Phase I of Uplands Fully Leased, Phase II is Underway

AUSTIN, TX—Uplands Corporate Center phase I, a 167,369-square-foot class-A office building located at 5301 Southwest Pkwy., is now 100% leased with the addition of a national credit tenant. The building now includes a tenant roster of professional firms from the energy, financial services, and legal and technology industries.

Now that phase I is fully leased, construction has begun on Uplands Corporate Center phase II. The phase II building will consist of a three-story 124,405-square-foot office building and expansion of an existing parking garage to service the two-building 291,774-square-foot campus. Groundbreaking for Uplands Corporate Center phase II occurred in December 2019 and the building is expected to be delivered and ready for tenant improvements by fourth quarter 2020.

Executive vice president Troy Holme and Casey Ford with CBRE are representing the landlord, Drawbridge Realty, in the leasing of both phases.

“The Southwest submarket of Austin is growing quickly and seeing a lot of interest from companies relocating to and within Austin,” says Holme. “What we saw with the lease up at Uplands Corporate Center phase I is that companies are very attracted to the Southwest Parkway’s convenient access to both downtown and the airport. The project also offers value, given the aesthetic qualities of being located in the beautiful Texas Hill Country, combined with its amenities and project features.”

In addition to the class-A office space, Uplands Corporate Center phases I and II offer private walking and running trails on the 48-acre site, a structured parking garage, an outdoor amenity center, on-site food truck service, nearby retail amenities at Lantana Place, and access to highways 360, 290 and the Mopac Expressway.

“Southwest Austin is one of the most beautiful areas of Austin with its rolling hills and lush greenery,” Holme tells GlobeSt.com. “There is an aquifer that runs under the land in this part of Austin as well, so there are restrictions on new development. At Uplands, we are proud of being able to offer another office building that is strategically located among the natural 48-acre site. When it comes to companies moving to the Southwest Austin area, we are seeing a healthy mix of technology, creative and professional firms. This development is a perfect option for a full building user or full-floor tenants looking for larger floorplates, high parking ratios, project amenities and nature trails. The area has seen a recent increase in deal activity with the expansion of AMD and a few other large institutional companies.”

The Austin office market ended 2019 with lowest absorption total in at least a decade, though much of that is due to the record-breaking amount of space under construction, some 10.4 million square feet, according to a report by NAI Partners.