Trammell Crow Company and Principal Real Estate Investors Announce Sale of Indeed Tower in Downtown Austin
Kilroy Realty Corp. Acquires Trophy Asset
July 16, 2021
Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and joint venture partner Principal Real Estate Investors have sold Indeed Tower to Kilroy Realty Corp. The 36-story office tower – the tallest in Austin – is comprised of 713,000 square feet of Class AA office and retail space and was completed in May 2021.
“We are pleased to have delivered Indeed Tower and subsequently negotiated the sale of this trophy office building to Kilroy Realty Corp,” said Brad Maples, Principal of Trammell Crow Company’s Austin office. “This is a landmark sale for the City of Austin. Indeed Tower is a top-quality asset that was built to accommodate the needs of the modern workplace for our current and future office tenants. Given the recent shift in the office market due to the COVID pandemic, the sale, along with the strong leasing activity, is a testament to the thoughtful design and high-quality construction of Indeed Tower. We are thrilled to have developed this project with a trusted partner in Principal Real Estate Investors, along with many other stakeholders that contributed to this important development.”
Office tenants at Indeed Tower include Austin-based job search company Indeed.com, the building’s anchor tenant; Brown Advisory, Inc.; Heritage Title Company of Austin, Inc. and Vinson & Elkins, LLP.
TCC began construction on Indeed Tower in May 2018. The tower features 35,000 square feet of retail space within the adaptive reused of the historic Claudia Taylor Johnson post office building and ground-floor areas, and 17,000 square feet of outdoor urban greenspace.
Joe Wanninger, Managing Director of Principal Real Estate Investors, said “We are proud to have partnered with Trammell Crow Company to deliver a building that will have an impact on Austin’s skyline for decades to come.”
TCC and Principal Real Estate Investors have partnered to deliver more than 15 million square feet of space across 70 buildings in 11 different markets. The partnership’s projects span a variety of product types, including office, multifamily and industrial.
Indeed Tower is located at 200 West Sixth Street and spans a full city block bounded by West Sixth, West Seventh, Colorado and Lavaca streets. The building is in the heart of Austin’s downtown, providing easy access to an abundance of dining, shopping, and entertainment venues.
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.