Ivanhoé, Greystar Kick Off Downtown Austin Project
Situated in the Austin Innovation District, the office building is scheduled to open in 2023.
A joint venture between Ivanhoé Cambridge and Greystar has broken ground on 1121 at Symphony Square, an office project totaling 175,000 square feet in downtown Austin, Texas. The seven-story building will be part of the mixed-use Symphony Square, home to The Waller, an under-construction residential tower that will reach 32 stories.
While AIG provided an $84.4 million construction loan for The Waller, according to CommercialEdge data, the partnership also relied on a self-financing option. Ivanhoé Cambridge provided a $54 million three-year loan for the office development, according to Travis County records. The note also includes a one-year extension option.
A LEED Gold certified office for Austin’s Innovation District
R2L: Architects is the designer of the project, with plans to achieve LEED Gold certification. The development team also includes two locally-based companies: Page, heading the interior design, and TBG Partners, serving as the landscape architect.
The owners anticipate delivering the project by spring 2023. The office building will take shape at 1121 Red River St. within the Austin Innovation District and will offer 170,000 square feet of office space with flexible work and lab spaces. The development will also have a ground-floor retail space totaling 5,000 square feet.
Amenities for 1121 at Symphony Square encompass a 6,000-square-foot roof deck on the fifth floor, private balconies on the floors below, and bike storage, among other end-of-trip facilities. Office tenants will also have access to the neighboring residential tower’s amenities via a connecting bridge on the office building’s fifth floor. These include a two-story fitness center, a lap pool, locker rooms and a yoga room. A lounge and ground-floor coffee shop will also be available to tenants.
Recently, another partnership, Carr Properties and Manifold Development announced plans for a 738,000-square-foot office high-rise in Austin’s CBD. The Gensler-designed building dubbed Block 16 is expected to be delivered in 2026.
