Building Austin: New Capital, New Strategy for Eastbound Office Project

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"We’ve secured new capital and paid off our construction loan, which allows us greater flexibility to meet the market... We are now in a position to fund tenant improvements, offer move-in ready space, and execute leases."
- Seth Johnston, Lincoln's executive vice president.

"By injecting new capital and resetting expectations, we’re confident that Eastbound is now well positioned to compete more effectively and succeed long-term."
- Patrick Tribolet, Fenway's Capital Advisors managing partner.

Despite a sluggish Austin-area office market, the Eastbound project shines with new equity from Fenway Capital Advisors. The 233,550-square-foot development by Lincoln Property Co. and KOR Group broke ground in 2020 and opened in 2022, featuring high-end, hospitality-influenced amenities.

Now, with new capital and strategy, ownership plans ~46,000 sq. ft. of move-in ready suites from 5,000 to 41,000 sq. ft., aiming to attract small to midsize tech/creative firms common in East Austin. Work is expected to complete by early 2025, with amenities including outdoor workspaces, a dog run, and a fitness center.

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