X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.