Stonelake Capital Breaks Ground on Domain Tower 2
- Oct 23, 2019
Stonelake Capital Partners has broken ground on Domain Tower 2, a 24-story Class AA office project in Austin, Texas. The 330,000-square-foot building, which will feature 29,000-square-foot floor plates, is part of Stonelake’s 33-acre mixed-use Domain | South End development.
Domain Tower 2 is 100 percent owned by Stonelake, which is developing the building without outside partners. The asset will occupy more than 1.5 acres on Alterra Parkway, Austin’s tech corridor, where Amazon, Facebook, Expedia and Indeed have set up offices. The development is pursuing LEED certification and will include building management technology and a 14th floor tenant amenity terrace. Moreover, Domain Tower 2 will be served by six passenger elevators and will have 1,026 parking spaces.
Beck Group is the architect for Domain Tower 2, while the general contractor is a joint venture comprising Zapalac Reed and EE Reed. Sam Houston, Richard Paddock and JD Lewis with HPI Real Estate Services handle the leasing responsibilities.
Domain | South End timeline
The real estate private equity firm has assembled the site for Domain | South End in 2011 through two separate transactions. The developer’s master-plan will materialize in 15 phases consisting of 3 million square feet of Class AA office space, 2,500 multifamily units, 50,000 square feet of amenity restaurants and a signature hotel. The first three phases of the project have been finalized and comprise the following:
- Domain Tower, an 11-story, 310,000-square-foot Class A office building. The property was completed in July 2018 and is 100 percent leased by Indeed.
- Flatiron | Domain, a Class A seven-story multifamily building with 364 units slated for completion in December this year. The community has started preleasing in April, and already reached a 60 percent occupancy.
- Domain Place, a five-story boutique office asset totaling 40,000 square feet. The building, currently under construction, is anticipated to open for occupancy in November. The asset is 91 percent leased to four tenants, and Stonelake will relocate its Austin office on the development’s fifth floor.