Austin SXSW Center Scores $65M Loan
Pacific Life Insurance Co. provided long-term financing for the recently delivered asset.
SXSW Center
NorthMarq has arranged $64.5 million in financing for SXSW Center, a 144,000-square-foot office building in Austin, Texas. Pacific Life Insurance Co. provided the 26-year, fixed-rate, fully amortizing mortgage. NorthMarq Senior Vice President Jim Lemos secured the loan.
Delivered in the summer of 2019, the Class A property is located at 1400 Lavaca St. in the city’s Central Business District. Designed by Pei Cobb Freed, the 13-story serves as the corporate headquarters of SXSW. WeWork occupies 65,000 square feet at the building, according to Yardi Matrix data. Also in the CBD, Trammell Crow Co. is currently working on the largest office project underway in Austin dubbed Block 185.
The office asset features a café, electric vehicle charging stations and a 12,000-square-foot rooftop garden. SXSW Center is seeking LEED Gold certification and includes five levels of parking, with a ratio of 2.07 spaces per 1,000 square feet. The asset is in the proximity of the State Capitol, the University of Texas campus and DELL Medical School.
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