X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.