Tishman Speyer Enters Austin with The Foundry Buy

In a transaction marking Tishman Speyer’s entrance into the Austin market, the firm recently acquired The Foundry, a two-building office development totaling 240,000 square feet in East Austin.  The property is 96 percent leased as Tishman Speyer takes ownership of the newly completed second building.

Earlier this year, Tishman Speyer closed on the Foundry I building, which opened in 2019. At the time, it was announced that the follow-up acquisition of Foundry II would be executed once construction was completed.

During the period between the initial acquisition agreement and the recent transaction, Tishman Speyer worked closely with Cielo Property Group and CBRE to complete 128,195 square feet of new leasing at Foundry II, which is now 99 percent leased.

“This confluence of events is everything we could have hoped for when we reached our initial acquisition agreement with the developer, Cielo Property Group,” said Ryan Botjer, Tishman Speyer senior managing director. “We certainly recognized that Austin is one of the nation’s emerging technology centers and we envisioned great potential for this property.”

CBRE represented Cielo and Tishman Speyer in its recent leasing activity. Cushman & Wakefield represented Cielo in the sale of The Foundry.