Greystar Expands Austin-Area Project

Whisper 35. Rendering courtesy of Stream Realty Partners

Construction continues at Greystar Real Estate Partners’ Whisper 35, a Class A industrial development totaling 500,000 square feet in San Marcos, Texas, as the developer has broken ground on the second building of the project’s initial phase.

Whisper 35 Phase I includes two facilities encompassing 180,000 square feet. Greystar delivered Building 1 at 1225 Fortuna Road in 2021, while the 90,025-square-foot Building 2 is anticipated to come online by year-end. In late 2021, Synovus Bank provided an $18.8 million financing package to refinance Building 1 and to provide construction funds for Building 2, Hays County records show.

The second phase will consist of three warehouses totaling 314,938 square feet. Greystar expects to kick off construction next month and plans to deliver this addition by the third quarter of 2023. The development team also includes RC Page as general contractor.

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While Building 1 is fully leased, Greystar selected Stream Realty Partners to market the upcoming facilities. Managing Director & Partner Sam Owen, Senior Vice President Adam Green and Vice President Mitchell Becker are part of the leasing team. After its completion, the firm will also serve as property manager for Whisper 35.

Whisper 35 is taking shape less than 1 mile from Interstate 35 and within 5 miles of San Marcos Regional Airport. Downtown Austin is some 27 miles away. Notable tenants in the area include Amazon, CFAN, a joint venture between GE Aviation and Safran Aircraft Engines of France, and Collins Aerospace, a Raytheon Technologies subsidiary.

San Marcos will also be home to the state’s largest virtual production, TV, film and streaming studio. Hill Country Group announced plans to build Hill Country Studios, a $267 million media park totaling 820,000 square feet.

Nearly 7.8 million square feet of industrial space were under construction in Greater Austin as of June, according to CommercialEdge information, with another 37.9 million square feet pertaining to planned and prospective projects. More than 1.1 million square feet were underway in Hays County, most of them expected to come online this year.