Tishman Speyer sells office development in East Austin

Tishman Speyer has completed the sale of The Foundry, a 240,000-square-foot, two-building office development in East Austin, Texas, to Beacon Capital Partners.

Tishman Speyer purchased Foundry I and Foundry II from Cielo Property Group for $150 million last year with the closing occurring in two phases.  It finalized the acquisition of Foundry I, which opened in 2019, in January 2021, and then Foundry II upon the completion of that building’s construction in July 2021.

During the period between the initial acquisition agreement and the Foundry II closing, Tishman Speyer worked closely with Cielo Property Group and CBRE to secure 128,195 square feet of new leasing, bringing Foundry II to 99-percent leased.  The entire two-building campus is now 96-percent leased.

The Foundry acquisition was Tishman Speyer’s first in the Austin market.  Later in 2021, Tishman Speyer became co-developer on a dynamic mixed-use tower at 321 W. 6th St. in downtown Aust