Tarlton Lands $105M for Life Science Project
A molecular diagnostics company fully preleased the property in Austin, Texas.
Tarlton Properties has obtained a $105 million first lien construction loan for 3600 Breakthrough Loop, a 223,500-square-foot, build-to-suit life science office project in Austin, Texas. CBRE secured $75 million note-on-note financing with a West Coast regional bank to facilitate it through a debt-fund lender.
BillionToOne has already fully preleased the Class A facility. This will be the molecular diagnostics company’s fourth collaboration with Tarlton Properties and its first space outside of the San Francisco Bay Area.
The facility broke ground last September, with BTO set to move in by the end of next year. White Construction is the general contractor, while STG Design handles the architecture efforts.
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The building will house more than 1,000 employees, including automation engineers, clinical laboratory scientists and laboratory technicians. The company will use the space to process DNA tests for research and development purposes.
The project is rising at 3600 Breakthrough Loop, some 5 miles from Interstate 35 and 13 miles from downtown Austin. The city’s international airport is roughly 16 miles away.
The building is part of the 425-acre EastVillage ATX mixed-use development. The project will total 1.5 million square feet of health and life sciences space, 350,000 square feet of retail, restaurants, hotels and entertainment, as well as 2,500 residential units and 450 single-family homes.
CBRE Executive Vice Presidents Bob Ybarra, Jim Korinek and Doug Birrell, as well as Senior Vice President Zack Holderman and Vice President Jesse Greshin arranged the financing.
Austin’s office pipeline ranks high
Austin’s office development pipeline as of July clocked in at 2.6 million square feet, representing 2.7 percent of its total stock, considerably above the 0.6 percent national average, according to the latest Yardi Matrix office report. When also taking into account projects in planning stages, the metro’s share reached 6.1 percent, leading nationally.
Lincoln Property Co. and Kairoi Residential are working on the tallest building in Texas. Dubbed Waterline, the 2.7 million-square-foot project recently topped out and is slated for delivery in 2026.
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