AUSTIN, TX-Texas Monthly is moving its offices back to downtown.
Known as the national magazine of Texas, the publication signed a 10-year lease for 21,610 square feet at 816 Congress, a class A office building. It will move into its new 17th-floor space this summer, according to Andrew Smith with Thomas Properties Group, the property manager for 816 Congress.
Smith and Mark Miller represented 816 Congress’ landlord. Russell Young and Liz Tucker of Jones Lang LaSalle represented Texas Monthly.
“With our move to 816 Congress, the Capitol will be practically at our doorstep and we'll tap into the energy of a vibrant downtown,” says Elynn Russell, president of Texas Monthly, which is published by Emmis Publishing LP.
Smith tells GlobeSt.com that Thomas Properties Group has been working with Texas Monthly since September 2010, adding that the publication strongly considered three different properties in downtown. “We were clearly competing with two other projects, but I think this particular space was superior to the other space they were considering,” he explains, adding that the space had been empty for about 18 months. It will house 80 employees.
Built in 1983 and renovated in 1994 and 2008, 816 Congress is located at the southwest corner of Ninth Street and Congress Avenue just two blocks from the Texas State Capitol and the adjacent Capitol Complex. The building features views of the Capitol, as well as The University of Texas at Austin campus, with abundant restaurants and entertainment venues in close proximity.
With the Texas Monthly lease, 816 Congress is 78% occupied. Thomas Properties Group’s downtown Austin portfolio, which consists of 2.9 million square feet, has maintained an average occupancy rate of 86%. Smith says the portfolio has recorded more than 75,000 square feet of absorption during the first quarter.
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