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8/15/17
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Mark IV Capital has broken ground on Summit II at La Frontera, a 95k sf, Class A office building in Round Rock, TX. The two-story building, situated near the intersection of Interstate 35 and SH 45, will be adjacent to the 87.2k sf Summit I at La Frontera, which Mark IV purchased in 2013 and has since fully leased.
A lushly landscaped 10k sf courtyard equipped with Wi-Fi, shaded seating areas and parking for local food trucks will connect the two buildings and create a cohesive campus. The new LEED certified building also will include a fitness facility, a state of the art HVAC system and flexible floor plans. It is scheduled to open in 2018.
Summit II will be the third North Austin-area Class A office building that Newport Beach-based Mark IV has added to its portfolio since 2013, when it also acquired the Summit I at La Frontera building in the La Frontera area of Round Rock.
“The development of Summit II at La Frontera is another opportunity for us to expand our portfolio in the Austin market through the addition of high-quality assets in targeted growth areas,” said Mark IV CEO Paul Cate.
With just 5% vacancy, Round Rock is one of the tightest office submarkets in the Austin area. Demand for office space is fueled by skyrocketing rents in Downtown and short commutes.
“Modern, high-quality office space is very difficult to find in Round Rock and that’s especially true for large tenants,” said Robert Shore, vice president at Don Quick & Associates and the lead leasing agent for Summit II. “This building will offer what today’s companies look for at a rate that is 30% less than the Domain and nearly 50% less than Downtown.”
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