92,455-SF Office Building Gets First Tenant

Cantilo & Bennett LLC will relocate May 1 to its new quarters at MoPac Expressway and Braker Lane. While the specific lease consideration was kept quiet, the quoted rate on the as-yet unfinished building is $18 per sf triple net, with tenant improvement allowances ranging from $25 per sf to $30 per sf.

Cantilo, however, is paying more for its construction allowance. "They had a short fuse and had to move out of the space they were in almost immediately. We completed the transaction and they commenced construction almost within minutes," says Doug Dwyer, senior vice president in Transwestern's Austin office, who represented the building's owner SPGIL Domain LP, a joint venture of Indianapolis-based Simon Property Group Inc. and Endeavor Real Estate Group of Austin. Transwestern vice president Britt Reed was the tenant rep.

Dwyer tells GlobeSt.com that Cantilo is moving from its current location at 7501 North Capital Of Texas Highway because its lease and renewal options had expired and an existing tenant wanted the space. The law firm looked at other locations during the search for new quarters. "This was a hard-fought transaction," Dwyer acknowledges.

Dwyer says the economics were similar between the Offices at the Domain and other class A office product, but what most likely swayed the decision was the nearby amenities from the Domain's urban-style, residential, retail and office base, which is marking its grand opening March 9. "I think the amenities and everything else Domain had to offer is what brought them to the table," he adds.

Dwyer says there aren't any more signed leases, but there's a great deal of activity. In fact, he says there are several transactions moving toward letters of intent shortly.