Austin Office Development Nearing Full Occupancy

By Timea Papp

Third + Shoal Rendering

TIER REIT has signed a series of leases at Third + Shoal, an under construction,  approximately 345,000-square-foot office tower in Austin, Texas. The company owns the project in a partnership with Invesco Real Estate and Cielo Property Group. Third + Shoal is slated for delivery in the third quarter of 2018.

Strong tenancy

Located at 601 West 3rd St., the property is nearing full occupancy, with more than 90 percent of the rentable space leased to a mix of notable tenants. Facebook has agreed to lease approximately 232,000 square feet. A Fortune 500 financial institution and a law firm are part of the development’s tenant base, occupying approximately 76,000 square feet. Additionally, the project boasts roughly 12,000 square feet of ground-floor retail space.

Designed by Gensler, Third + Shoal broke ground in 2016 at the site of the former Austin Music Hall. The building will feature floor-to-ceiling glass windows, two loft floors with 25-foot clear heights, 11 outdoor balconies and a 4,000-square-foot roof terrace.

“Third + Shoal was designed to attract today’s top tenants and their talent, and we’re excited to see this becoming a reality. We look forward to welcoming these premier tenants, who further enhance Third + Shoal’s prestige,” said Scott Fordham, president & CEO of TIER REIT, in prepared remarks.

Situated within Austin’s Central Business District, Third + Shoal will be surrounded by numerous restaurants, residences and entertainment venues. The location provides access to the Lance Armstrong Bikeway, Shoal Creek Trail and the Lady Bird Lake Hike and Bike Trail.

Rendering courtesy of Third + Shoal