AUSTIN, TX—Transwestern Development Co. completed development of the creative office building at 1645 E. Sixth St. in May 2016. Totaling 94,500 square feet, the four-story class-A building has a central location in East Austin, one of the city's fastest growing neighborhoods.
The building is part of the three-building Eastside Village transit-oriented development, just steps from the Plaza Saltillo MetroRail station. Bounded by 5th and 6th streets, major east-west thoroughfares to and from Austin, it is also conveniently located to Interstate 35, the main highway through Austin, according to CIM Investments.
Lamy GP Corp. and CIM Group recently purchased the building for an undisclosed amount. The building was 97% leased at the time of sale by C3, Front Gate, Alliance Abroad and Condé Nast.
“East Austin has been established as a high-growth submarket where class-A office product, where available, has drawn some of Austin's top businesses away from the core Central Business District,” said Josh Delk, vice president at Transwestern Development Co.
In addition to being part of the vibrant East Sixth neighborhood, the building is located next to The Arnold, a mixed-use project being developed by Transwestern Development Co. that includes 346 multifamily units and 9,600 square feet of retail space. That project is expected to deliver in November 2016.
The sale highlights the concept of many companies moving away from locations near executives' residences to ones focused around amenities and a live/work/play environment favored by younger employees, Delk says.
“Employers are becoming more sophisticated and understand that in order to recruit and retain the best talent, they have to cater to their primary employee base,” Delk tells GlobeSt.com. “Thus, instead of selecting an office in the suburbs where executives traditionally live, employers are choosing to office where the bulk of their employees prefer to live–in vibrant neighborhoods amongst numerous entertainment and dining options, where their employees can enjoy a live/work/play environment without a taxing commute.”
Transwestern Development Co. was represented internally by Delk and executive vice president Ty Puckett. Jay Lamy, Jon Wheless and Mike Murphy of Aquila Commercial represented the buyer in the transaction.
AUSTIN, TX—Transwestern Development Co. completed development of the creative office building at 1645 E. Sixth St. in May 2016. Totaling 94,500 square feet, the four-story class-A building has a central location in East Austin, one of the city's fastest growing neighborhoods.
The building is part of the three-building Eastside Village transit-oriented development, just steps from the Plaza Saltillo MetroRail station. Bounded by 5th and 6th streets, major east-west thoroughfares to and from Austin, it is also conveniently located to Interstate 35, the main highway through Austin, according to CIM Investments.
Lamy GP Corp. and CIM Group recently purchased the building for an undisclosed amount. The building was 97% leased at the time of sale by C3, Front Gate, Alliance Abroad and Condé Nast.
“East Austin has been established as a high-growth submarket where class-A office product, where available, has drawn some of Austin's top businesses away from the core Central Business District,” said Josh Delk, vice president at Transwestern Development Co.
In addition to being part of the vibrant East Sixth neighborhood, the building is located next to The Arnold, a mixed-use project being developed by Transwestern Development Co. that includes 346 multifamily units and 9,600 square feet of retail space. That project is expected to deliver in November 2016.
The sale highlights the concept of many companies moving away from locations near executives' residences to ones focused around amenities and a live/work/play environment favored by younger employees, Delk says.
“Employers are becoming more sophisticated and understand that in order to recruit and retain the best talent, they have to cater to their primary employee base,” Delk tells GlobeSt.com. “Thus, instead of selecting an office in the suburbs where executives traditionally live, employers are choosing to office where the bulk of their employees prefer to live–in vibrant neighborhoods amongst numerous entertainment and dining options, where their employees can enjoy a live/work/play environment without a taxing commute.”
Transwestern Development Co. was represented internally by Delk and executive vice president Ty Puckett. Jay Lamy, Jon Wheless and
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