AUSTIN — Brandywine Realty Trust is planning a 25-story office tower in downtown Austin with 210,000 square feet of Class-A office space.
The building, currently known as “405 Colorado,” will include a first-floor grand lobby and 3,000 square feet of retail space, 12 floors of parking with a total of 530 spaces. The total height will be approximately 366 feet.
Located on the northeast corner of Fourth and Colorado streets, the building will be in the heart of downtown Austin’s bustling Warehouse District.
Timing for the building’s groundbreaking is tied to leasing activity.
“405 Colorado can’t be built fast enough,” said Diana Holford, Senior Vice President at JLL. “The demand to be in Austin’s downtown market is at an all-time high and the supply of large blocks of new, well located office space is at an historic low.”
According to the most recent Cushman & Wakefield Austin Office Snapshot from Q1 2016, Austin’s office occupancy rate of 91.5 percent is higher than the historic average of 87 percent, and the occupancy rate within the Austin central business district is even higher at 94.8 percent.
The development team includes Brandywine, Duda|Paine Architects, Stantec (formerly Bury) for civil engineering, Brockette/Davis/Drake for structural engineering, Blum Consulting Engineers for MEP engineering, Austin Commercial for pre-construction work and Land Use Solutions LLC for land entitlements consultation.
Brandywine is the largest multi-tenant commercial real estate owner and developer in Austin with a total of more than 3.8 million square feet of Class-A office space among more than 30 buildings within nine campuses. In addition to 405 Colorado, Brandywine is currently in various stages of development with three other properties: Garza Ranch, Four Points Centre, and the Broadmoor (formerly the IBM campus).
May 12, 2016