Instinet, a stock-trading company, is moving a group to the downtown office from suburban space. Its space total at Lavaca Plaza will be 25,666 sf once the move is accomplished.
Jinny Hines and Bart Matheney, both of the Austin office of CB Richard Ellis, held down the bargaining position for building owner, AGB Lavaca Plaza LP. Instinet was represented by Spencer Hayes of Colliers International's Austin office and Eddy Bauman of Austin-based Bluestone Partners.
The 122,000-sf Lavaca Plaza is about 35% occupied, Matheney tells GlobeSt.com. The four-story building was erected in 1981.
At the end of the fourth quarter, the CBD had 1.4 million sf of empty office space for a vacancy rate of 21.2%. The average rent was $22.45 per sf, down from $26.65 per sf the year before.
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