Insignia/ESG Welcomes First Chase Park V Tenant

AUSTIN-The renovated Chase Park V, a 60,000-sf building in a five building complex, has its first tenant: Northrop Grumman Information Technology Inc. The division of Los Angeles-based defense contractor Northrop Grumman is set to move in to the 19,000-sf first floor in March.

Bart Matheny of the Austin office of Insignia-ESG has represented the building owner, WXI/AJP Real Estate Ltd. and Jamil Alam of Trammell Crow Co.’s Austin office has handled negotiations for Herndon, VA-based Northrop Grumman. The six-year deal is a direct lease.

The owner has made major renovations after reducing the building to its shell. A new heating, ventilation and air conditioning system was installed and electric service was upgraded along with other changes made in the building’s look.

The 278,131-sf office complex is near the intersection of Interstate 35 and Texas 183 in Austin’s north central submarket. That submarket ended the third quarter with a 13.5% direct vacancy rate and an 15.3% overall vacancy rate.