September 30, 2016
Austin, Texas – Transwestern Development Co. today announces is has sold 1645 E. Sixth St. in Austin, Texas. The firm completed development of the 94,500-square-foot creative office building in May 2016. Lamy GP Corp. and CIM Group purchased the building for an undisclosed amount.
“This sale highlights the transition of many companies from locating near their executives’ residences to choosing locations focused around amenities and a live/work/play environment favored by younger employees.,” said Josh Delk, vice president at Transwestern Development Co. “East Austin has been established as a high-growth submarket where Class A office product, where available, has drawn some of Austin’s top businesses away from the core Central Business District.”
The building was 97 percent leased at the time of sale by C3, Front Gate, Alliance Abroad and Condé Nast.
In addition to being part of the vibrant East Sixth neighborhood, the building is located next to The Arnold, a mixed-use project being developed by Transwestern Development Co. that includes 346 multifamily units and 9,600 square feet of retail space. That project is expected to deliver in November 2016.
Transwestern Development Co. was represented internally by Delk and Executive Vice President Ty Puckett. Jay Lamy, Jon Wheless and Mike Murphy of Aquila Commercial represented the buyer in the transaction.
ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 34 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.