NorthStar Resources signed a five-year lease for 5,100 sf in the 192,000-sf Terrace VII at 2801 Via Fortuna Dr. NorthStar moves from the Hills Office Park in the 4600 block of Bee Cave Road, also in the southwest submarket.
Rick Whiteley of the Austin office of Colliers International represented NorthStar and Mark Greiner, also of Colliers, acted for the Terrace VII building, Desta Five Partnership Ltd. NorthStar provides services to state associations. The Vinson & Elkins law firm is the major tenant in the building, which includes other law-related companies on its tenant roster.
Colliers, in its year-end market report, said the southwest submarket had a 20.9% vacancy rate with rents averaging $20.47 per sf. Class A space in the submarket had a 21.4% vacancy rate with an average rent of $21.01 per sf.
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