Shorenstein Properties Sells 210K-SF Austin Office Property

AUSTIN, TX – Owner and operator, Shorenstein Properties LLC has sold its 210,000-square-foot office property, the Alpha Building, in Austin, TX to the Teacher Retirement System of Texas.

The six-story property is situated within the 750-acre, mixed-use community, Mueller, in downtown Austin.

The Alpha Building features floor plates ranging from 35,000 square feet to 50,000 square feet, in addition to 14-foot ceiling heights, outdoor spaces on each floor and an expansive ground-level courtyard.

Designed by Page Sutherland Page, the Alpha Building serves as the first of four buildings that Shorenstein Properties plans to develop in the Mueller Business District. The four buildings will total approximately 800,000 square feet of space.

Shorenstein Properties’ next development within the community will be the Bravo Building, a 250,000-square-foot office property, which TRS has additionally committed to. Shorenstein Properties will then deliver the Charlie Building and the Delta Building in 2024, which will encompass 350,000 square feet of space.

TRS intends to relocate its headquarters to the Alpha Building in the spring of 2023. The remainder of TRS’ staff will move into the Bravo Building, upon its completion in 2024.

CBRE’s Troy Holme and Peter Jansen represented TRS in the transaction. Terms of the transaction were not disclosed.

“We are thrilled to partner with TRS on their headquarter campus at Mueller,” says Colby Wick, managing director at Shorenstein Properties. “Mueller marries urban-style retail and entertainment with a lower density neighborhood setting that includes generous parks and outdoor spaces – a compelling combination for companies returning to the office post-pandemic.  We’re confident TRS has made the right decision and will enjoy calling Mueller home.”

“TRS looks forward to serving members in our new Austin location,” says Brian Guthrie, executive director at TRS. “The campus in the Mueller development ensures the system’s growing membership will have improved access to counseling staff and other services outside busy downtown Austin.”

“TRS is beginning a new chapter, and this transaction will generate a positive, long-lasting impact for the system’s members,” states Troy Holme, EVP at CBRE. “The search was long and carefully considered, but the right opportunity materialized at Mueller that will allow the system to best serve its membership of educators throughout Texas.”