AUSTIN, TX—The building located at 316 W. 12th St. has been owned by the Texas State Teachers Association since its inception in 1952. It is situated on a one-acre site featuring views of the State Capitol, and within walking distance to The University of Texas, Dell Medical School and Austin's downtown entertainment district.
Dallas-based Prescott Group Inc. along with an institutional investment partner recently purchased the office building for an undisclosed purchase price. Prescott plans a renovation project beginning today, as the name of the building is changed to Westview, thanks to its location one block west of the State Capitol.
Plans call for adding a floor to half of the building and expanding the rentable square footage by 26,000 square feet. This means a total of nearly 100,000 square feet of newly renovated class-A office space will become available in late 2017. Other planned changes include adding a large rooftop terrace, a conference room, a fitness facility, showers and lockers, indoor bike storage and a landscaped courtyard built around a 100-year old live oak tree.
Other changes include incorporating approximately 2,000 square feet of space for an on-site restaurant, maximizing the glass area on the east and west facades to create floor-to-ceiling views of the Texas State Capitol and the Austin Hill Country, modernizing the core and shell with all new windows and curtain wall, interiors, restrooms and elevators, repurposing the best of the existing building and upgrading components to achieve LEED certification status.
“We look forward to undertaking this major redevelopment and delivering a product competes with new class-A office product,” said Brian Leslie, managing director of the Prescott Group. “This location is superb and certain other classic features simply can't be replicated today, like a massive oak tree that will become a new focal point and gathering place. The concept behind our renovation is to save the best of what exists and pair it with the best of what's current in terms of architecture, design and appealing amenities.”
The merging of old and new will be accomplished primarily in two ways, through a re-imagination of the building's facade and addition of modern materials, notes Andersson•Wise Architects. Prior Austin work for this architect includes ACL Live at the Moody Theater, W hotel, Zachary Scott Theater and multiple buildings at St. Edward's University.
“When all is said and done, we will have created something that respects the original design from the two older eras while providing downtown with a new structure with timeless appeal,” Arthur W. Andersson, principal with Andersson•Wise adds.
Other project team members include The Burt Group as general contractor, Sixthriver Architects as interior designer, Big Red Dog as civil and MEP engineer, AEC as structural engineer and Co'Design as landscape architect. The project lender is Texas Capital Bank while financing was arranged by HFF.
“This project is right up our alley, as we love interesting redevelopments in ideal locations,” Leslie tells GlobeSt.com. “We're also quite keen on Austin and look forward to finding more opportunities here.”
With design and financing complete, the next focus for Prescott Group will be to attract tenants. To assist with the marketing and leasing efforts, Prescott Group has enlisted Rachel Coulter and Kevin Kimbrough of the Austin office of JLL.
“Downtown is experiencing so much organic growth and continues to have an outstanding track record of absorbing new space,” said Coulter. “Additionally, Prescott Group brings an incredibly strong track record in repositioning older properties. This is being done in such a thoughtful and distinct way, we have no doubt the new Westview will be appealing to a wide range of tenants.”
Prescott Group has repositioned projects in Seattle, Fort Worth, Houston, Tulsa and Dallas, including the historically designated Stoneleigh Hotel in Dallas.
AUSTIN, TX—The building located at 316 W. 12th St. has been owned by the Texas State Teachers Association since its inception in 1952. It is situated on a one-acre site featuring views of the State Capitol, and within walking distance to The University of Texas, Dell Medical School and Austin's downtown entertainment district.
Dallas-based Prescott Group Inc. along with an institutional investment partner recently purchased the office building for an undisclosed purchase price. Prescott plans a renovation project beginning today, as the name of the building is changed to Westview, thanks to its location one block west of the State Capitol.
Plans call for adding a floor to half of the building and expanding the rentable square footage by 26,000 square feet. This means a total of nearly 100,000 square feet of newly renovated class-A office space will become available in late 2017. Other planned changes include adding a large rooftop terrace, a conference room, a fitness facility, showers and lockers, indoor bike storage and a landscaped courtyard built around a 100-year old live oak tree.
Other changes include incorporating approximately 2,000 square feet of space for an on-site restaurant, maximizing the glass area on the east and west facades to create floor-to-ceiling views of the Texas State Capitol and the Austin Hill Country, modernizing the core and shell with all new windows and curtain wall, interiors, restrooms and elevators, repurposing the best of the existing building and upgrading components to achieve LEED certification status.
“We look forward to undertaking this major redevelopment and delivering a product competes with new class-A office product,” said Brian Leslie, managing director of the Prescott Group. “This location is superb and certain other classic features simply can't be replicated today, like a massive oak tree that will become a new focal point and gathering place. The concept behind our renovation is to save the best of what exists and pair it with the best of what's current in terms of architecture, design and appealing amenities.”
The merging of old and new will be accomplished primarily in two ways, through a re-imagination of the building's facade and addition of modern materials, notes Andersson•Wise Architects. Prior Austin work for this architect includes ACL Live at the Moody Theater, W hotel, Zachary Scott Theater and multiple buildings at St. Edward's University.
“When all is said and done, we will have created something that respects the original design from the two older eras while providing downtown with a new structure with timeless appeal,” Arthur W. Andersson, principal with Andersson•Wise adds.
Other project team members include The Burt Group as general contractor, Sixthriver Architects as interior designer, Big Red Dog as civil and MEP engineer, AEC as structural engineer and Co'Design as landscape architect. The project lender is Texas Capital Bank while financing was arranged by HFF.
“This project is right up our alley, as we love interesting redevelopments in ideal locations,” Leslie tells GlobeSt.com. “We're also quite keen on Austin and look forward to finding more opportunities here.”
With design and financing complete, the next focus for Prescott Group will be to attract tenants. To assist with the marketing and leasing efforts, Prescott Group has enlisted Rachel Coulter and Kevin Kimbrough of the Austin office of JLL.
“Downtown is experiencing so much organic growth and continues to have an outstanding track record of absorbing new space,” said Coulter. “Additionally, Prescott Group brings an incredibly strong track record in repositioning older properties. This is being done in such a thoughtful and distinct way, we have no doubt the new Westview will be appealing to a wide range of tenants.”
Prescott Group has repositioned projects in Seattle, Fort Worth, Houston, Tulsa and Dallas, including the historically designated Stoneleigh Hotel in Dallas.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.