The Skyworks Solutions Inc.-anchored Eastlake at Tillery has scored a new tenant. Canva has signed a 36,932-square-foot lease with Cypress Real Estate Advisors, at Building One of the developer’s Class A office property totaling 172,000 square feet in Austin. AQUILA Commercial represented CREA in the transaction, while JLL worked on behalf of the tenant.
CREA broke ground on the project in late 2019 and financed the recently completed office development with a $44 million construction loan originated by First United Bank and Trust Co., according to CommercialEdge data.
Delineate Studio designed the LEED-proposed project, while Blacksmith Collaborative served as landscape architect and Harvey Cleary filled in the role of general contractor, coordinated by Epic Project Management Group as project manager.
The two-building office complex at 3212 E. Cesar Chavez St. also has an adjoining multi-level parking structure with a parking ratio of 3.3 spaces per 1,000 square feet. The three-story Eastlake at Tillery features private tenant patios, a shared conference room, a fitness center, a café along with a rotating exhibition of local artwork. Outdoor amenities include ample green spaces with seating areas and a permanent airstream food trailer.
The office campus is in the East Austin submarket, roughly 2 miles away from Interstate 35 and less than 5 miles from Austin-Bergstrom International Airport. Eastlake at Tillery is some 3 miles southeast of downtown Austin.
In July, CREA secured a full-building lease with Skyworks Solutions Inc. at the larger, 96,497-square-foot Eastlake at Tillery – Building Two. AQUILA Commercial facilitated the transaction on behalf of the landlord and Newmark represented Skyworks.
East Austin has recorded more than 400,000 square feet of absorption in the third quarter, with another expected surge looking ahead, said Ben Tolson, managing principal with AQUILA Commercial.
As of September, office vacancy across Austin reached 15.7 percent, down 20 basis points once again month-over-month. While the market’s vacancy rate mirrors a decreasing national trend, it is still a 510-basis-point increase year-over-year, according to CommercialEdge data.