Chicago's McShane Corp. and New York City-based MetLife Real Estate Investments acquired the 36.82-acre site at Riata Vista Circle and Parmer Lane from Sun Microsystems in February. The decision to buy the land and develop the park was purely location-motivated, according to McShane president Hunter Barrier.
"The site gave us a unique ability to offer high-quality, but affordable office space at a close-in location," Barrier says. The asking rates will range from $17 per sf to $18 per sf.
The site can hold up to four office buildings. Development of the remaining phases will be determined by market demand. Barrier tells GlobeSt.com that the build-out plan spans four to five years. "The market has improved considerably over the past several years and we liked this location because of the existing employment base," he adds.
Barrier says McShane's plan is to keep the park for the time being and to operate it. "Ultimately, we'll see what we do with it," he says. "But right now, this is a multi-phase business park we want to develop as quickly as we can."
Studio 8 Architects of Austin is the project designer. Cadence McShane Corp. of Dallas is the general contractor. Local company Cunningham-Allen Inc. is the engineer. Principals Bart Matheney and Chad Barrett of Austin-based Aquila Commercial have been retained as leasing agents for the office park.
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