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2/09/21
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Tishman Speyer has acquired The Foundry, a two-building office property totaling 240k sf in East Austin, TX. The acquisition marks the firm’s entrance into the Austin market, which has emerged as one of the nation’s leading technology centers.
The transaction is being executed in two steps. Tishman Speyer’s acquisition of Foundry I, which was opened in 2019, was completed on February 3, 2021. The acquisition of Foundry II will close when the building is delivered in May 2021. Foundry I was nearly leased up quickly after completion and, at this time, Foundry II has been partially pre-leased.
The Foundry buildings were designed by Sixth River Architects (Foundry I) and Michael Hsu (Foundry II) for Austin-based developer/investor Cielo Property Group in accordance with LEED Gold and WELL certification standards. The Foundry offers large floorplates, onsite amenities such as fitness centers in each building, bike storage, outdoor terraces integrated on every office floor, lush, ground-level outdoor paseo areas, and considerable underground parking. It is surrounded by some of the area’s most extraordinary restaurants, inspiring arts and cultural destinations, nightlife and hospitality offerings, and is strategically located near mass transit and highways.
Tishman Speyer President & CEO Rob Speyer commented, “This is our first investment in Austin, but we expect it won’t be our last. Austin is taking its place as one of America’s most desirable locations, especially for tech talent. And within the market, East Austin is the fastest growing and most dynamic mixed-use community. That’s exactly where we want to be the landlord of choice.”
Tishman Speyer plans to introduce its popular ZO suite of lifestyle, convenience and amenity services to employees of companies at The Foundry.
Mike McDonald and Katy Jane Jenevein of Cushman & Wakefield represented the seller in the transaction. Cielo will act as property manager on Tishman Speyer’s behalf, while leasing responsibilities will be handled by CBRE.
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