AUSTIN-Shorenstein Properties LLC has solidified its first Austin project, joining forces with Deutsche Asset & Wealth Management and local Endeavor Real Estate Group to develop two office buildings. The buildings, Domain 2 and Domain 7, will be located in the 304-acre, mixed-use development known as The Domain, located in northwest Austin.
The venture will break ground later in June on Domain 2, a 139,675-square-foot, five-story office building which is 100% leased to HomeAway Inc. HomeAway, which handles online vacation rentals, will relocate its headquarters from the CBD to Domain 2 upon its completion, which is slated for 2014. Domain 2 will also include 25,000 square feet of ground-floor retail space.
The joint venture will launch construction on as-yet unleased, six-story, 221,886-square-foot Domain 7 later this summer. The building will feature 33,000-square-foot floor plates and structured parking. On both buildings, Shorenstein completed the capitalization on behalf of Shorenstein Realty Investors Ten LP.
“We see this as an excellent opportunity to make our first investment in Austin, a market which we have considered for some time due to its strong employment growth and office demand drivers," says Douglas Shorenstein, chairman and CEO of Shorenstein Properties. The opportunity to participate, with highly regarded partners and substantial preleasing, in a multi-building development in a unique, mixed-use environment such as The Domain was highly attractive.”
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