Invesco Buys Stake in Austin Office Tower
- Apr 24, 2017
TIER REIT has sold 50 percent of its interest in Third + Shoal, an approximately 345,000-square-foot office tower currently under construction is Austin, Texas. Invesco Real Estate, a global real estate investment manager, acquired the stake in the project.
The new joint venture between TIER REIT and Invesco Real Estate closed on March 31.
“Our strategic partnership with Invesco Real Estate highlights the attraction of institutional capital to the vibrant Austin office market, and it allows the Company to pursue potential near-term opportunities to create additional value through our build-to-core development program in the highly sought-after submarkets of The Domain in Austin and Legacy Town Center in Dallas,” Scott Fordham, president & CEO of TIER REIT said in a prepared statement.
Third + Shoal broke ground in 2016 on a 0.8-acre parcel at 601 West 3rd St., at the site of the former Austin Music Hall. Developed by Cielo Property Group and designed by Gensler, the Class A+ project aims to achieve LEED Platinum. The building will feature floor-to-ceiling glass windows, two loft floors with 25-foot clear heights, 11 outdoor balconies and a 4,000-square-foot roof terrace. Additionally, Third + Shoal will include double-height ground level retail with outdoor seating and views of Shoal Creek. The neighborhood offers a variety of amenities, with restaurants, retail and residential developments surrounding the site.
CBRE’s Troy Holme, senior vice president, and Casey Ford, first vice president, handle the leasing efforts for the 29-story asset, which is slated for completion in the third quarter of 2018.
Renderings courtesy of Cielo Property Group