Walton Street Capital has acquired Eastlake at Tillery, a two-building Class A office park totaling 176,696 square feet in Austin, through a newly created partnership with Cypress Real Estate Advisors.
Delineate Studio designed the LEED-certified asset, which was delivered in early 2021. In December 2019, First United Bank and Trust Co. provided a $44 million loan for the development of the multi-tenant office campus, CommercialEdge data shows.
Last July, Skyworks Solutions Inc. signed a full-building lease occupying the nearly 100,000-square-foot Eastlake at Tillery – Building Two in the East Austin submarket. Months later, Canva joined the tenant base moving into Building One through a 36,932-square-foot lease. At the time of the sale, the property was 77 percent leased.
Despite nearly 300,000 square feet of positive net absorption as of the fourth quarter of 2021, heavy new supply put pressure on vacancy rates in East Austin. Vacancy remained high in the submarket, at 36.8 percent, well above the metro’s 16.4 percent average, JLL data shows. Developers in East Austin continue to be active, with 833,461 square feet of office space underway. The submarket has one of the largest pipelines, coming in second just after the metro’s CBD, where projects under development total 1.9 million square feet.
The two-building office campus
Located at 3212 E. Cesar Chavez St., the office campus features floorplates between 25,190 and 32,000 square feet and includes a structured parking garage offering a parking ratio of 3.3 spaces per 1,000 square feet. The three-story property, surrounded by green spaces with native trees and seating areas, offers a fitness center, bike storage, cafe, conference room and a Work & Mother suite available to all tenants, among others.
Eastlake at Tillery is within 4 miles of downtown Austin. The property is some 2 miles away from Interstate 35 and within walking distance of several public transit options.