Real Estate

Top 5 Office Projects Under Construction in Austin

Austin’s robust and growing economy, coupled with a thriving technology sector and business-friendly environment continue to fuel significant growth in the metro’s office development. According to CommercialEdge data, the active pipeline comprised approximately 5.7 million square feet of office space spread across 36 properties as of November 2023.

Construction activity was focused in downtown Austin, where eight office projects—including the two largest on our list—encapsulated more than 2.5 million square feet. Developers also focused their efforts on East Austin: Seven projects totaling 1.3 million square feet of office space were under construction in the submarket.

CommercialEdge identified the largest office projects underway in the metro as of November 2023, listed below. These projects collectively accounted for 2.7 million square feet of office space, representing 48 percent of the metro’s total pipeline.

1. The Republic

In the second quarter of 2022, Lincoln Property Co.Phoenix Property Co. and DivcoWest broke ground of The Republic, the biggest office project underway in Austin. Completion on the he 48-story tower is scheduled for the first quarter of 2025. The property will feature 833,145 square feet of office space at 401 W. 4th St. in downtown Austin.

Located across from Republic Square Park, the building’s design will integrate seamlessly with the historic surroundings. It features a green public plaza at its entrance, extending the park’s ambiance. Each office floor will include a 750-square-foot private terrace. Additional amenities comprise conference rooms, a fitness center, a club room with a lounge and bar and a 25,000-square-foot outdoor terrace.

Bank OZK funded the construction with a $324 million loan. The development team includes Duda Paine Architects as design architect, HKS as the architect of record and sustainability consultant and TBG Partners as the landscape architect. Harvey-Cleary serves as the general contractor, while BDD as the structural engineer. The roster of tenants include Kirkland & Ellis and Vista Equity Partners, which signed a lease to occupy 220,000 square feet within the building.

2. Waterline

Another large-scale project that started construction in 2022 is Waterline, a mixed-use development by Lincoln Property Co. and Kairoi Residential. Measuring a record-breaking height of 1,022 feet, the asset is set to become Austin’s tallest tower. The 74-story skyscraper will include 700,000 square feet of office space, a 251-key 1 Hotel Austin, 24,000 square feet of retail and dining on the ground level and 352 residential units on the upper floors. Completion is expected in the second quarter of 2026.

The project is rising at 98 Red River St. in Austin’s central business district, overlooking Lady Bird Lake. It will be easily accessible via foot, bicycle and car, as Waterline sits at the start of Austin’s first light rail line, connecting it to the wider city. The architect of record is HKS Architects and TBG Partners serves as landscape architect. The building’s engineering team includes firms WGI, Brockett Davis Drake and Alvine, while DPR Construction acts as general contractor.

3. Springdale Green-Building B

Starting development in October 2021, San Francisco-based Jay Paul Co. initiated the construction of Springdale Green–Building B. The 447,800-square-foot office project is set to span 30 acres in East Austin, at 1011 Springdale Road. The project secured financing from Goldman Sachs through a $75 million construction loan, CommercialEdge data shows.

Situated on a former brownfield, the redesigned Springdale Green campus is a fresh take on office spaces, aiming to draw in the creative workforce. The campus features abundant outdoor amenities, revitalized landscapes and emphasizes sustainability and wellness. More than 19 acres of the site are conserved and rejuvenated with native meadows and woodlands, while a 600,000-gallon underground cistern efficiently collects and stores rainwater and air conditioning condensation.

4. Springdale Green-Building A

Also developed by Jay Paul Co., Springdale Green-Building A will comprise 385,000 square feet of office space. Anticipated for completion in January 2024, the six-story property will incorporate a multi-story parking lot with 1,155 spaces. The campus boasts a 23,000-square-foot fitness and wellness center, along with 36,000 square feet of outdoor terraces.

Conceived during the height of the pandemic, the environmentally conscious campus prioritizes outdoor spaces. A key feature is a one-kilometer loop boardwalk for flood safety and nature immersion, promoting physical and mental well-being. The development team includes DWG as landscape architect, Gensler as the architect and Level 10 as the general contractor.

5. Uptown ATX-One Uptown

Brandywine Realty Trust is currently working on Uptown ATX-One Uptown, a 381,739-square-foot mixed-use project in Austin North. Spreading across 14 stories, the project encompasses an additional 15,000 square feet of retail space and a parking lot with 1,392 spaces. The project is scheduled for completion at the beginning of 2024.

Bank of New York Mellon financed the construction with a $121.6 million loan. The office asset is situated on 4.2 acres within the vibrant 66- acre Uptown ATX community, which will also include 341 multifamily units coming online in the second quarter of 2024. Page Southerland Page and GFF Architects handled design duties, while White Constructions was the general contractor.

Leave a Reply

Your email address will not be published. Required fields are marked *