AUSTIN – (Realty News Report) – The Vinson & Elkins law firm has leased 50,273 SF in the new Indeed Tower in downtown Austin.
Trammell Crow with its joint venture partner, Principal Real Estate Investors, is developing the 36-story building, scheduled to open this summer.
“Moving into Indeed Tower will place the firm at the center of an incredibly vibrant city and help us play a key part in Austin’s continued growth and prominence as one of the country’s most innovative cities,” said V&E chairman Mark Kelly.
The law firm will occupy the entire 25th floor and a portion of 26th floor at the tower, located at 200 West Sixth Street in Downtown Austin.
Indeed, an internet job-search company, will occupy the top floor of the building, in addition to giving the project its name.
The building will contain 673,000 SF of office space, 35,000 SF of retail space within the converted historic Claudia Taylor Johnson post office building and ground floor areas, and 17,000 square feet of outdoor urban greenspace.
“Situated on 6th Street in Austin’s booming central business district, Indeed Tower will offer tenants an unmatched experience through extensive amenities, both inside of the building and through surrounding pedestrian-oriented retail and greenspace,” said Brad Maples, Principal of Trammell Crow Austin.
The Austin office market has shown signs of growing softness and more than 8 million SF is under construction.
The Austin office market’s overall vacancy rate of 12.9 percent in the fourth quarter represented an increase from 9.5 percent a year earlier, according to NAI Partners. In the fourth quarter, overall net absorption totaled negative 645,000 SF.
Work on the Indeed Tower began in October 2017.
A few blocks away in downtown Austin, Trammell Crow is developing a 35-story building that will be occupied by Google.
March 24, 2021 Realty News Report Copyright 2021
File: Vinson & Elkins Leases Space
Image: Courtesy Vinson & Elkins
File: Trammell Crow, Austin. Google. Vinson & Elkins Leases Space in Indeed Tower. .