June 13, 2018
A New York City-based investment firm headed by former Blackstone Group executives will reportedly open an office in downtown Austin to take advantage of Texas’ lack of state income tax. Stonepeak Infrastructure Partners, which boasts billions of dollars in assets under management, is close to signing a lease for 8,000 square feet on the top floor of Third + Shoal.
Bloomberg reports that the firm’s co-founders, Mike Dorrell and Trent Vichie, plan to move their families to Austin but will split time between the state capital and New York City.
Although Stonepeak invests in a wide array of companies and projects, it primarily focuses on infrastructure assets. Its portfolio includes technology companies, as well as rail, telecommunications, ports, and energy companies, both pipeline and mid-stream.
Third + Shoal is currently under development and scheduled for completion in early 2019. The high-rise is 90% leased to tenants including Facebook Inc. and Bank of America Corp.
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