Third + Shoal, Austin

February 20, 2019 Comments Off on Developers Put 345K-SF Third + Shoal Up for Sale Views: 1366 Austin, Texas News

Developers Put 345K-SF Third + Shoal Up for Sale

Joint venture partners TIER REIT Inc. and Cielo Property Group announced an intent to market the 29-story, 345,000-square-foot Third + Shoal office building. The tower at 601 W. Third St. in Austin is still under construction, with tenant finish-out underway. HFF has the listing.

Area sources suggest that the property, which is already leased to tenants such as Facebook, could draw bids in excess of $600 per square foot, representing the most paid for an office property so far in Austin.

The announcement was made by TIER REIT CEO Scott Fordham, who suggested that significant capital looking for high-quality Austin properties was the motive for putting the building on the sales block. “We believe the sale of the property would allow us to capitalize on the value created, and use this attractive source of capital to fund expansion of our development pipeline, reduce leverage or rebalance the portfolio across our target markets,” he added.

Connect Houston is just around the corner! For more information — or to attend — click here.

Read More at ATX Real Estate

Connect with TIER REIT

Connect with Cielo Property Group


Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Tags: ,

Comments are closed.

Send this to a friend