Kilroy Realty is expanding its Austin portfolio by snatching up a 2.9-acre development site in Austin’s Domain submarket.
The REIT, known for its sustainable practices, bought the 493,000-square-foot space for $40 million. The LA-based firm plans to begin construction on a 19-story office tower for the site by the middle of this year.
The site, which lies on the corner of Burnet and Braker, neighbors city landmarks such as Austin’s Q2 MLS Stadium, the Domain Mall, and the future McKalla light rail stop which will connect from Northwest Austin through Downtown.
Entitlements are fully secured, according to the company’s press release and construction could commence as soon as mid-2022, with delivery occurring in 2024.
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The purchase echoes Kilroy’s acquisition of Austin’s Indeed Tower last year for $580 million. Upon completion, the company will manage approximately 1.2 million square feet in Austin.
The announcement was also paired with the addition of Fernando Urrutia as senior vice president. Urrutia, a former commercial real estate broker at CBRE, will be overseeing Kilroy’s leasing activity in the Austin region.
“We are thrilled to make another off-market acquisition in Austin and bring a world class development project to the Domain,” said Chairman and CEO John Kilroy. “We are also pleased to be able to add a seasoned professional like Fernando and we are confident that his relationships and expertise will drive additional growth for Kilroy in the region.”