AQUILA Secures Lease Renewals at Austin Office Building
- Mar 09, 2021
Keppel Pacific Oak US REIT has secured two lease renewals at Westech 360, a 175,529-square-foot office property in Austin, Texas. Bethany Perez, Seth Stuart and David Putman of AQUILA Commercial represented the landlord.
The transactions included a 3,197-square-foot lease with Chicago Title of Texas, with Ryan Tiernan of Orion Realty Group and Cortland Lowe of HPI assisting the tenant. The second renewal involved an 8,246-square-foot lease with D&S Community Services, where Wayne March of McAllister & Associates represented D&S.
Developed in 1986 and renovated in 2014, Westech 360 features a fitness center and 614 parking spaces. According to CommercialEdge data, KBS Realty Advisors acquired the three-building asset in 2013. The current owner is Keppel Pacific Oak US REIT, a Singapore real estate investment trust that purchased the asset in 2017 as part of an 11-building portfolio. The REIT paid $804 million for the properties located in markets including Denver, Seattle, Austin, Houston, Sacramento, Atlanta and Orlando.
Westech 360’s tenant roster also includes OPES Advisors, Prudential, Apex Systems, Carollo Engineers and Champion Environmental Consulting, among others. Located at 8911 N. Capital of Texas Highway, on 10 acres, the building is 5 miles from Interstate 35 and 9 miles from downtown Austin. The property is also 5 miles from Apple’s upcoming $1 billion campus; completion of the 3 million-square-foot complex is expected in the second quarter of next year.
As the state readjusts from last month’s snowstorm, the Austin office market is showings signs of recovery. According to Kastle Systems data, the metro recorded an office occupancy rate of 33.4 percent on February 24, after dropping to less than 1 percent on February 17.