AUSTIN – There is substantial headway in creating a modern, light-filled Class A building that will provide about 100,000 sf of multitenant office space.
The building—purchased in March 2016—is located at 316 W. 12th St. and is being renovated and expanded with expected completion by the end of the year.
Travis Central Appraisal District most recently valued the property, which sits on one acre, at $12.5 million. Renovation and expansion of the property is valued at $10 million.
A new level will be added along with a rooftop terrace, which includes one of the most enviable views of the State Capitol.
In addition, there will be a fitness center, showers, bike storage, conference room, structured parking and an outdoor courtyard shaded by an expansive live oak tree.
Dallas-based Prescott Group purchased the property, and JLL has the assignment to find tenants.
Prescott Group retained Andersson-Wise Architects to handle the design and Stream Realty Partners will be responsible to seek an operator for the street-level restaurant space.