Press Release: RGM Advisors Leases Big Block in Downtown Office Tower
Dec 19, 2007
Aquila Commercial
RGM Advisors Leases Big Block in Downtown Office Tower
Deal signifies second largest downtown lease of 2007
AUSTIN - December 19, 2007 - Austin-based proprietary trading firm, RGM Advisors, LLC, recently inked a lease for approximately 33,000 square feet in the Chase Tower. RGM will more than double its downtown Austin presence when it moves its headquarters to the 390,000-square-foot tower in at 221 West Sixth Street in 2008 upon completion of its interior buildout. RGM presently occupies 13,000 square feet in the Whole Foods corporate headquarters building at Sixth Street and Lamar Boulevard and the new space will accommodate its growing team of scientists and technologists.
Real estate experts on both sides of the transaction note that the deal is significant for downtown Austin real estate as it represents the second largest lease of 2007 in the Central Business District. It also means the last remaining large block of space in the Chase Tower is now spoken for. The largest lease of 2007 is believed to be the Bury+Partners Inc. lease of 55,000 square feet in Chase Tower in March and subsequent expansion by the Austin engineering firm into a total of 77,000 square feet in the building.
RGM was represented by Aquila Commercial's Sloan Spaeth, Jay Lamy, and Jennifer Baur.
Chase Tower was purchased by Endeavor Real Estate Group LLC in conjunction with Santa Ana, Calif.-based Triple Net Properties LLC in June 2006. Over the past 18 months, Endeavor has worked to reposition the property - raising its occupancy level from 72 percent to 96 percent, once RGM moves in.
"What's most exciting about this transaction is how it will help RGM continue to grow its business and to attract and retain high caliber employees," said Spaeth, principal with Aquila Commercial. "We were glad to find a large block of space downtown that met all of the firm's unique requirements."
In addition to seeking a large block of contiguous space in downtown, RGM wanted a compelling environment for its top-notch workforce that included features like floor to ceiling windows, small floor plates, and high deck-to-deck height allowing for an open ceiling design.
Aquila Commercial negotiated a staged takedown of the space at Chase Tower in two blocks over 12 months to match RGM's needs and minimize costs.
The transaction means one of downtown Austin's office towers is essentially full, no small feat for Endeavor Real Estate, which has steadily sought to reposition the property. The building lobby is about to undergo a 0,000 transformation. All told, more than million in improvements have been made to the Chase Tower since the June 2006 acquisition, notes Travis Dunaway, vice president in charge of office and industrial leasing for Endeavor Real Estate.
"The RGM lease transaction allows us to fill our last large block of vacant office space in Chase Tower, and subsequently brings us closer to our ultimate goal of repositioning a truly exceptional asset," said Dunaway. "I could not be more complimentary of RGM and the job Aquila Commercial did in representing their client. It was truly a win-win solution for both parties."
About Aquila Commercial
Harkening the powerful and noble Aquila eagle, Aquila Commercial LLC is a full-service commercial real estate firm based in Austin, Texas. The company helps users, investors, and owners of office, industrial, and retail space maximize value, minimize risk, and minimize costs of their commercial real estate assets.
Launched in January 2007, a group of six core founders have a combined total of more than 80 years of direct industry experience working for major national companies from CB Richard Ellis to the Trammell Crow Co. Recognized by their peers and publications as some of the top producers in their respective disciplines, Aquila Commercial seeks to emulate the Aquila eagle's reputation for flying higher and maintaining the sharpest vision. For more information, please visit: www.aquilacomercial.com.
About Endeavor Real Estate Group LLC
Endeavor Real Estate Group LLC is an Austin-based commercial real estate development and brokerage company. Since launching in 1999, Endeavor has developed or bought more than 7.8 million square feet of space with an overall value of nearly billion. The company has developed some of the most high profile projects in the Austin area, including The Domain, Southpark Meadows and numerous other retail centers and office parks.
In 2007, the company expanded by opening an office in the Dallas market and adding retail tenant brokerage services. For more information, please visit: www.endeavor-re.com.
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