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AUSTIN, TX-Following an 18-month due diligence period, Travis-Oaks Overwatch LP of Austin, a joint venture between State Farm and Transwestern Commercial Services, has launched construction on a 164,000-sf office building in Southwest Austin. Upon the building’s completion in mid-2007, tenant Overwatch Systems will consolidate its three current offices to the new facility in a 10-year lease.

Industry sources note that development of the four-story facility, carries an estimated price tag of $150-$200 per sf.

A source with Overwatch tells GlobeSt.com that Southwest Austin was selected as the site for the company because of its location, the price of land, and employee demographics. “The initial search was Austin-wide, and we narrowed it down to this,” he says. “This gives us room to build and room to expand.”

The large parcel permits a second building, if necessary, though construction on a phase two would depend strictly on company growth, as the initial building was designed with room to grow, the Overwatch source explains.

“As part of their tenancy, they have the option for future development on that site, though nothing is planned right now,” Josh Delk, Transwestern’s senior development associate, tells GlobeSt.com. “This was a strong deal, and we were glad to have the property available while they were looking.”

Delk is overseeing the project with executive vice president Ty Puckett, who also negotiated the lease with Overwatch. Austin firms RKP Architects will design the Overwatch and Zapalac/Reed Construction Co. will build it.

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