Lennar Partners, the asset adviser to the building's owner, has hired Houston-based PM Realty as property and leasing manager of the 98,815-sf building in the north submarket. The building was the corporate headquarters of Radian Corp., until the company, now a part of URS Inc., moved out last year. The last employees left in late summer. The building is owned by a New York-based trust.

"The building, in order to take it back to the market, is going to have be renovated," Terry Kennon, the PM Realty vice president regional manager overseeing the project, tells GlobeSt.com. He says the building will continue as office space, but offered no further details on renovation.

PM Realty is the property manager for JP Morgan Chase and has a "fair staff of people" in Austin, Kennon says. But 8500 Shoal Creek will be its first independent owner/use building in the city. "We're planning to open up and do more business there in Austin," he says. "We want to, certainly.