AUSTIN – Karlin Real Estate and Trammell Crow Co. have broken ground on Parmer 3.2, a 192,000 square-foot office building – the first phase of Karlin’s 400-acre Parmer master planned technology and office park in North Central Austin.
The Parmer office park is zoned for up to nine million square feet of office, industrial, hotel and retail uses.
In 2012, Karlin acquired 300 acres of land immediately adjacent to three 300,000 square-foot institutional quality office buildings, that the Los Angeles- based real estate firm purchased from Dell USA a year earlier.
Parmer 3.2 is a three-story office building with 64,000 square-foot floor plates that are designed for either single or multi-tenant occupancy. Situated on a 14-acre parcel of land, the development is surfaced parked at 5 spaces per 1,000 square feet. Construction is expected to be completed in the second quarter of 2015.
The start of construction of the Parmer 3.2 office buildings is the culmination of three years of planning by Karlin to develop a master planned business park, in what is the heart of Austin’s technology and business corridor.
Concurrently with the work on Parmer 3.2, Karlin is moving ahead with construction of additional infrastructure and amenities in the park.
“Austin, which boasts single digit vacancy and tremendous tenant demand, is ripe for a development of this size and scope, ” said Karlin Real Estate Managing Director Matthew Schwab.
“Despite the demand, there is virtually no value office space being delivered to the market,” continued Mark Emerick of CBRE who along with John Barksdale head the sales and leasing team for Parmer. “This supply/demand imbalance of value office space will result in tenants with expiring leases facing an increase in rents of as much as 50 percent with very few alternatives. Parmer is designed to fill that void.”
Parmer office park is bordered by McCallen Pass on the West, E. Howard Lane on the North, Harris Ridge Boulevard on the East and Parmer Lane on the South with immediate access to I-35, MoPac and US 183.
Other members of the development team include: STG Design, Architect; and Austin Commercial, General Contractor.