Building Austin: Eastbound Office Project Gets a Reboot with Socially-Conscious, Equity-Focused Investors at the Helm

Despite the slump in the Austin-area office market, there's a bright spark: the Eastbound office project is undergoing an ownership restructuring, injecting much-needed new capital and a socially-conscious approach to leasing.

https://url.us.m.mimecastprotect.com/s/m1STCOYXNyhZ95z00CEcMmh?domain=fenwayca.com/ [Fenway Capital Advisors], with a focus on diverse investments and a commitment to community, has become the primary equity partner in the 233,550-square-foot project. Lincoln Property Co. and the KOR Group, two powerhouses in the industry, are the co-developers, breaking ground on Eastbound in May 2020.

The project, located at 3232 E. Cesar Chavez St in East Austin, faced the challenges of a post-pandemic market. But with its high-end, hospitality-influenced amenities, it's raising the bar for the East Austin office market.

"We’ve secured diverse capital and paid off our construction loan, allowing us to offer equitable opportunities," said Seth Johnston, Lincoln's executive vice president. "We can now provide move-in ready space and support local businesses in their journey."

"By resetting expectations and injecting inclusive capital, we're confident Eastbound will compete and succeed long-term," said Patrick Tribolet, Fenway's Capital Advisors managing partner.

The ownership group plans to create move-in ready suites, ranging from 5,000 to 41,000 square feet, with work completed by early 2025.

Eastbound's amenities include outdoor work areas, a courtyard, rooftop terraces, a wellness-focused fitness center, bike storage, and a fenced-in dog run, catering to the needs of modern, diverse businesses.

East Austin, known for attracting technology and creative services firms, benefits from move-in ready spaces. Leasing is overseen by Johnston and Trish Williams, who are committed to equitable opportunities for all tenants.

The project demonstrates a proactive approach to adapting to market changes, with a focus on diversity and social consciousness at its core.