129,000-SF Aspen Lake Two takes root in Austin

AUSTIN – Construction on Aspen Lake Two, a 129,000-sf office building in far northwest Austin near Lakeline Mall, is underway. The address is 13785 Research Blvd., which is in the City of Austin but sits in Williamson County.

The Class A office building is already 54 percent leased to Q2 Holdings Inc., and Austin-based financial services company. Construction is expected to be complete in fall 2015.

About 59,000 sf remains available for lease — about 34,200 sf on the second floor and 26,000 sf on the first floor.

Crimson Real Estate Fund is partnering with San Antonio-based USAA Real Estate Co. as the owners of the project.

Crimson purchased the first phase of the platted development in a distressed financial state. Aspen Lake One, which although it was shiny and new, sat vacant for a long time during the recession. The original developer filed for Chapter 11 Bankruptcy and Crimson picked up the property in March 2011.

Crimson then leased it up to 100 percent as Austin’s economy surged ahead — largely on the strength of technology growth. One of the first major tenants Crimson secured was Q2 Holdings, which provides cloud-based banking solutions.