Brown Advisory Commits to Indeed Tower in Austin
June 10, 2019
“We are pleased to welcome Brown Advisory to the building,” said Adam Nims, Managing Director with TCC’s Austin Business Unit. “Previously a tenant in our newly developed 500 W. 2nd office tower, Brown Advisory’s incredible success in Austin required them to seek out a new space that could accommodate their growing business. The West 6th Street district is an extremely desired area for young professionals and Colorado Street is proving to be a highly desirable corporate location that benefits from its proximity to Congress Avenue, the historic central corridor of downtown’s business district. This combination of location and the design quality of the building has been a driving factor for tenants relocating to the building.”
“We are thrilled by what our future move to the Indeed Tower means for our clients, colleagues and commitment to Austin,” said Ian McAbeer, head of Brown Advisory’s Austin Office. “Although we moved into our current space less than two years ago, it quickly became apparent that it would be unable to support the long-term needs of our growing client base – we think our new presence on 6th Street will give us the room we need for our expanding team.”
Rising 554 feet and 36 stories, Indeed Tower will stand as the tallest and largest office tower in downtown Austin’s skyline and will offer tenants extensive office amenities, including an 8,500 square foot fitness center, dedicated conference center with 165- person capacity and eight outdoor terraces. The building’s floor plates, at an average size of 33,000 square feet, will be among the largest in the market, providing greater flexibility for efficient office space. Additionally, the tower will have approximately 1,500 parking spaces in a mix of both below grade and above grade structured garages. The development team is seeking LEED® Gold certification and Austin Energy Green Building (AEGB) Two-Star Commercial Rating.
The team is further amenitizing the project by renovating the former Claudia Taylor Johnson Hall. Named after the former First Lady, the building was most recently utilized by the University of Texas System as office space and is a Texas Historic Landmark that is listed on the National Register of Historic Places. It was originally constructed from 1912 to 1914 and was the seventh US post office built in Austin. New non-historic elements will include the development of a 25,000-square-foot retail and restaurant space and a 20,000-square-foot plaza located in the northwest portion of the site which will connect the office building with the cultural, recreational and retail activities of the project.
Troy Holme, Casey Ford and Katie Ekstrom with CBRE Austin represented the landlord in the transaction, while Ford Alexander, Ryan Kasten and Holliday Hinckley with Cushman & Wakefield represented Brown Advisory in the transaction.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $79.4 billion in commercial real estate assets (as of March 31, 2019). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Brown Advisory
Brown Advisory is an independent investment management firm committed to delivering a combination of first-class performance, strategic advice and the highest level of client service with offices in Austin, Baltimore, Boston, the Carolinas, Delaware, London, New York, Singapore, Virginia and Washington, D.C. The firm’s institutional and private clients are based in 50 states and more than 37 countries and territories and are served by over 650 colleagues worldwide, all of whom are equity owners of the firm.
Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.