Downtown Spec Office Gets First Tenant
PlainsCapital Bank leased 17k SF in 5th+Colorado, the first tenant in Lincoln Property's 179k SF spec office building in Downtown Austin. The firm will occupy the 10th floor and have an 1,800 SF retail location on the ground level. Lincoln Property Co VP of leasing Trish Williams says the remainder of the building is getting a tremendous amount of activity. They'll all be paying a pretty penny—Class-A rents in the CBD have risen to $47.47/SF. (Overall, office rents are up nearly 10% to $31.55/SF, a new high water mark.) PlainsCapital Bank will move from 919 Congress when 5th+Colorado opens in March 2016. (Construction has made it up to the 11th of 18th floors.) Oxford Commercial's Bob Wynn and Rick Whiteley repped the tenant.