Crescent's 232,00-sf Avallon Complex Expands, Adding 86,000-sf Structure

Crescent Real Estate Equities of Ft. Worth is expanding its Avallon complex, adding a three-story, 86,000-sf building to the site in Austin’s northwest sector.

To date, no tenants have formally signed up for space in the complex’s fifth building, but brokers tell GlobeSt.com that BMC Software is the most likely prospect. BMC holds a first option on the structure and presently is the sole tenant in the existing 232,000-sf development at 1415 Morado Circle. The complex consists of four three-story buildings in the city’s high-tech corridor, just off Highway 183 and Braker Lane.

The new building will be densely landscaped in a campus-type setting. It will be built with cast- in-place construction and feature a brick-accented spandrel and column exterior so it blends in with the rest of the project.

The city’s northwest market is one of the tightest for commercial real estate. According to statistics compiled by Colliers Oxford Commercial Inc., northwest Austin’s class A space has a vacancy rate of about 4.5%. Given that, brokers say any new spec construction won’t be vacant for long.