News release

Barings and B&Z Development break ground on new 120,000-square-foot downtown Austin office property

Hensel Phelps selected as general contractor, JLL selected as exclusive leasing partner for 701 Rio

January 08, 2020

AUSTIN, January 8, 2020 – Barings, one of the world’s largest diversified real estate investment managers, and development group B&Z Development broke ground today on downtown Austin’s newest office property, 701 Rio.

“This is a great opportunity to bolster our office footprint with an excellent partner in a well-established, high growth market. 701 Rio will benefit greatly from its premier location, with excellent connectivity for professionals and new companies in the thriving Austin market,” said John Ockerbloom, Barings’ Head of U.S. Real Estate Equity.

Located in one of Austin’s most desirable and vibrant downtown locations, 701 Rio will be a five-story, 120,983-square-foot Class A office building with five levels of subterranean parking. Onsite amenities include a rooftop terrace offering scenic views of downtown Austin, fitness center, lockers, showers, and secure bike and scooter storage.

“The design of 701 Rio is in keeping with the fabric of the neighborhood,” said Jason Berkowitz of B&Z Development. “We want it to have the look and feel of Austin’s unique personality -- the creativity, the originality and the heart that make our city special.”

“The input we received from the neighborhood association and surrounding property owners was vital in developing a property that benefits the surrounding community as well as the end user,” added partner Diana Zuniga. “We took great care in working with Austin-based BGK Architects to create a place that will be indicative of our community; to ensure 701 Rio is a place we as Austinites can be proud of sharing with those who will make it part of their everyday lives.”

Colorado-based construction firm, Hensel Phelps, is the general contractor for the project and commercial real estate firm, JLL, is the exclusive leasing agent for the project. The property is expected to be complete in June 2021.

Rachel Coulter and Travis Rogers of commercial real estate firm JLL’s Austin office will be leading the leasing and marketing efforts on behalf of the ownership group.

“701 Rio fulfills a real need for premium quality office space in one of the most active markets in the US,” said Rogers. “Austin continues to see significant demand from corporate users, especially downtown – a submarket that’s remained tight for the past several years. 701 is poised to offer a cutting-edge work environment for established firms and those interested in relocating to the city.”

For more information on 701 Rio, please contact Rachel Coulter at +1 512 225 1733 or, or Travis Roger at +1 512 225 2718 or

About JLL

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 annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit