"We expect Terrace III and IV to be anchored up and partially leased soon," says Mark Greiner, an agent with Colliers and Oxford Commercial Inc., the company that leases office space for the seven, planned office towers. The Claydesta Corp. of Midland is the developer of the 109-acre property, which is situated on a plateau with views of downtown Austin.

Though no leases have been signed for Terrace III or IV, Colliers Oxford has identified tenants, according to Greiner. The project completion date is set for 2002. This year, Colliers Oxford moved from its Congress Avenue offices to occupy 10,000 sf on the ground floor of Terrace II. SigmaTel also recently signed to occupy 25,000 sf on the fifth floor of the same building. Page Sutherland Page is the architect for Terrace II.

In September, Vinson and Elkins had leased 135,000 sf at the yet-to-be built Terrace VII, which also has a 2002 completion date. Vinson and Elkins now occupy offices at Sixth and Congress in the First American Bank Building.