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AUSTIN-Special Olympics Texas has a new home and a north central Austin office building has its first tenant since it was renovated. Special Olympics Texas, which oversees events and fund-raising across the state, has signed a lease for 12,650 sf at Chase Park IV.

The organization will expand its space, moving into the building as it sells its current HQ, a 5,440-sf building at 11442 N. Interstate 35. That building is under contract and should close by the time Special Olympics moves into its new quarters.

Special Olympics had a deal for flex space on Kramer Lane about a year ago, but it fell through, according to Jay Lamy of Staubach Co. Central Texas. He and Jon Aleshire, also of Staubach, negotiated on behalf of Special Olympics. The delay helped Special Olympics find class B space at a better rate, Aleshire says. “On this last search we had given them 70 alternatives,” Lamy says.

The rental rate and lease term were not disclosed, by the Staubach brokers, who did say it is a long-term lease. David Putman and Bart Matheney, both of CB Richard Ellis Inc.’s Austin office, represented the building owner, WXI/AJP Real Estate Ltd., an Archon partnership. CB Richard Ellis gained leasing duties for the building when Insignia/ESG exited the Austin market earlier this year.

Chase Park IV is one of five buildings totaling more than 283,000 sf along Chevy Chase Drive, just off US Highway 183 near its intersection with Interstate 35. The 50,000-sf building recently was renovated. The north central submarket had an 18.1% vacancy rate in the first quarter with an average rental rate of $19.12 per sf.

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