X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AUSTIN-As it’s ready to move in, the Capital Area Council of Governments has added 5,300 sf to its 10-year lease for 28,700 sf at Bergstrom Technology Center. The deal boosts occupancy to 80% in the 275,000-sf flex property, a 700-acre, mixed-use corporate campus created from a one-time missile production center.

The Capital Area Council of Governments lease came with $2 million of tenant improvements for a consolidation plan put into play in late May with its original deal for the center at 6800 Burleson Rd. “This involves mutual contributions, we’re both kicking in to the construction of the premises,” says Walter Foster, senior vice president for the property owner, KBS Realty Advisors of Newport Beach, CA.

Foster tells GlobeSt.com that Bergstrom Technology Center was vacant when KBS Realty acquired it from Lockheed Martin Corp. in the late 1990s. “Over time, we’ve been finding users for various segments of the building,” he explains, adding that the space taken down by Capital Area Council of Governments had been vacant since the 13-year-old building’s purchase.

In late June, a KBS broker had said the tech center’s mixed-use space was going for $4.80 per sf to $15 per sf. Foster, though, is mum about the existing rates.

Foster says the center has been attracting strong interest, especially in the past year, because activity in Austin’s southwest sector is on the rise. “Our leasing team has current prospects for this building and we’re receiving regular leasing inquiries,” Foster adds.

W. Gaines Bagby with CB Richard Ellis’ Austin office represented Capital Area Council of Governments. Greg Johnson of Transwestern Commercial Services’ Austin office represented KBS Realty.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.