Ascentris, a Denver-based real estate private equity firm, announced today the stabilization of Paloma Ridge, a 211,000-square-foot class A office campus comprised of two buildings within the Far Northwest submarket of Austin, Texas. Ascentris acquired the 70 percent leased property in December 2017, along with land for a third building, and quickly executed on 65,000 square feet of new leasing.
Leasing activity came from several industries including cybersecurity, health insurance, homebuilding and interior design. Additionally, an existing software developer expanded by 130,000 square feet, bringing the property to 100 percent leased. Stream’s Edvin Beasley and Scott Deskins are the leasing agents for the campus.
“Paloma Ridge successfully filled a void in the Austin office market by offering brand new class A space at a significant rent discount to new construction,” said Beasley. “Tenants are also attracted to Paloma’s proximity to the high-growth residential neighborhoods in North Austin where their employees live. We are thrilled to move forward with the third building and believe that tenants will continue to gravitate to Paloma Ridge because of its compelling attributes,” added Beasley.
Ascentris and Stream hired Sixthriver to complete the design for a third and final building on the campus, which will be approximately 160,000 square feet. Construction is anticipated to begin in early 2019, with completion near the end of the year.
“We are pleased to continue working with Stream to develop Building C,” said Ascentris senior vice president Jake Rome. “The building’s modern design, coupled with an above-market parking ratio, proximity to the light rail station and relative value proposition to the Domain make Paloma a one-of-a-kind offering. We want to appeal to tenants seeking to optimize their business and improve their bottom line through efficient operations and a productive workforce,” added Rome.
Building C will be three stories, with flexible 55,000-square-foot floorplates and private terraces on the third floor. The design includes a high-end fitness center with spa-quality locker rooms, a one-mile jogging trail and outdoor amenity areas. Ascentris is seeing certifications from WiredScore, Fitwel and LEED to demonstrate its commitment to developing a smart, healthy and sustainable building.
