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AUSTIN-The Lower Colorado River Authority has reworked a five-year lease in the Bergstrom Technology Center, holding fast to 70,356 sf and returning about 17,000 sf. When the dust settled on the direct talks, the three-year tenant had tacked another three years onto the term as quid pro quo.

The new conditions kick in Saturday for the authority’s piece of 6800 Burleson Rd., says Greg Johnson, vice president in Austin for Houston-based Transwestern Commercial Services. “It really was a tenant accommodation issue,” he tells GlobeSt.com. “It was a very simple transaction.”

The authority lease, with two years to go on the original term, went full circle in three months, according to Johnson. The deal cut occupancy to 75% in the 274,231-sf flex building, but talks are under way with a 30,000-sf user to bump it to 85%, he says.

The class A flex building is owned by SM Brell II LP, an asset management group in California on behalf of a partnership led by KBS Realty Advisors in Newport Beach, CA. The office space is quoted at $15 per sf, full service. Four tenants, predominately government agencies, occupy the office space. The industrial component is marking its fourth year at 100%, leased in its entirety to a printing company holding a 10-year contract.

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