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East Austin office project attracts tenant with new partner.

Restructuring ownership of the Eastbound office complex in East Austin has attracted fresh capital and accelerated aggressive leasing initiatives.

Published July 29, 2024 at 11:07pm by Shonda Novak


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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Read more: See how a new partner better positions this East Austin office project to attract tenants