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Quality office space in short supply while demand increases
Austin, June 26, 2018 – JLL announced the completion of phase one of a multi-phase renovation project for two, Class A office assets today on behalf of ownership, Equity Commonwealth. Capitol Tower, located at 206 East 9th Street in downtown Austin, and Bridgepoint Square, a five-building complex located north of the 360 bridge off North Capital of Texas Highway, recently underwent a series of upgrades and capital improvements to the respective office properties.
Equity Commonwealth has designed a new lobby in Capitol Tower and upgrades to Bridgepoint Square include renovated entry ways, lobbies in two buildings, restrooms, light fixtures, elevator lobbies, and a new fitness center with showers, lockers and complimentary towel service. Bridgepoint Square will also add a new café this summer. Additional renovations to the campus are planned throughout 2018 and into 2019.
JLL Senior Vice President Kevin Kimbrough and Vice President Brent Powdrill are serving as marketing and leasing leads for the properties. The team has seen a significant uptick over the past two months, completing over 200,000 square feet of lease transactions.
"We've seen increased demand for quality office space across Austin from both established companies experiencing organic growth and new firms entering the market," said Kimbrough. "Equity Commonwealth has done a superb job repositioning these assets to meet that demand and now have only a few availabilities remaining. These additions and upgrades have created great offerings and position the buildings for long-term success as best-in-class properties."
According to JLL Research, Class A vacancy has lowered to 10.6% in Austin through Q1 2018, down from 11.3% the same time last year. During that time, only 886,305 square feet of Class A office product was added.
Capitol Tower is well-known for its excellent parking ratio, a significant amenity for office properties within Austin's CBD and Bridgepoint Square is known for its breathtaking views of Lake Austin, Austin Country Club and Downtown. These attributes paired with the new renovations allow a great leasing opportunity for companies looking in the central business district or northwest Austin.
For more information about these or other properties in Austin, please contact Kevin Kimbrough and Brent Powdrill.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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