Tishman Speyer Enters Austin Office Market With 240K SF Acquisition
Tishman Speyer has entered the Austin, Texas, office market with its acquisition of The Foundry, a two-building property on the city's east side totaling 240K SF. Citing an unnamed source close to the transaction, Bloomberg reported Thursday that the acquisition price was between $145M and $150M.
Developed by Austin-based Cielo Property Group and designed by Sixth River Architects, Foundry I opened in 2019. The partially pre-leased Foundry II, which was designed by Michael Hsu, is set to deliver in May. Tishman Speyer tapped CBRE for future leasing for the buildings. Cielo will remain as property manager.
Cushman & Wakefield Vice Chairman Mike McDonald and Managing Director Katy Jane Jenevein represented the seller in the transaction. Tishman Speyer Senior Managing Director Ryan Botjer oversaw the acquisition on behalf of the buyer.
"Within the market, East Austin is the fastest growing and most dynamic mixed-use community. That's exactly where we want to be the landlord of choice," Tishman Speyer President and CEO Rob Speyer said in a statement. "Going forward, Austin will be in our portfolio alongside Boston, San Diego, the Bay Area and more."
The Foundry buildings were designed to LEED Gold and WELL certification standards. The buildings offer on-site fitness centers, outdoor terraces on every office floor, outdoor paseo areas and underground parking.