AUSTIN – (Realty News Report) – Vinson & Elkins has leased 50,273 square feet in the new Indeed Tower in downtown Austin.
Trammell Crow, together with joint-venture partner Principal Real Estate Investors, is developing the 36-story tower, which is scheduled to open this summer.
“Moving into Indeed Tower will place the firm at the center of an incredibly vibrant city and help us play a key part in Austin’s continued growth and prominence as one of the country’s most innovative cities,” said V&E chairman Mark Kelly.
The law firm will occupy the entire 25th floor and a portion of the 26th floor at 200 West Sixth Street in downtown Austin.
Indeed, the internet job-search company, will take the top floor of the building and lends the project its name.
The development will include approximately 673,000 square feet of office space, about 35,000 square feet of retail space located in the converted historic Claudia Taylor Johnson post office and on the ground floor, plus roughly 17,000 square feet of outdoor urban greenspace.
“Situated on Sixth Street in Austin’s growing central business district, Indeed Tower will offer tenants a distinctive experience through extensive on-site amenities and surrounding pedestrian-oriented retail and greenspace,” said Brad Maples, Principal of Trammell Crow Austin.
At the same time, the Austin office market has shown signs of softening: more than 8 million square feet of office space is currently under construction.
According to NAI Partners, Austin’s overall office vacancy rate rose to 12.9 percent in the fourth quarter, up from 9.5 percent a year earlier. In that quarter, overall net absorption was negative 645,000 square feet.
Construction on Indeed Tower began in October 2017.
Nearby, Trammell Crow is also developing a 35-story office tower a few blocks away that will be occupied by Google.
March 24, 2021 Realty News Report. Copyright 2021.
File: Vinson & Elkins Leases Space
Image: Courtesy Vinson & Elkins
File: Trammell Crow, Austin. Google. Vinson & Elkins Leases Space in Indeed Tower.