Commercial Texas Newsletter October 2006
OCTOBER 2006
Commercial Texas - Business Real Estate Solutions
Picture of Michael Kennedy, President, Commercial Texas

CHANGING SKYLINE FOR AUSTIN CBD

 
With more than ten projects announced or under construction, Austin's CBD skyline is about to change more dramatically in the next 36 months than it has in the past 20 years!
    Where office buildings once dominated downtown, Austinites are about to see some stunning new residential structures on the horizon. Our Harvard-educated urban planner and in-house sage Earle Britton has offered this tongue-in-cheek commentary. "Austin: it's where living downtown is number one and having a job is secondary—our CBD is becoming a resort!"
    Commercial Texas is proud to have its main office in Austin's CBD and happy to be a part of the emerging Austin City Center.
    We'll share some before and after pictures in a future newsletter. In the meantime, we'll enjoy assisting in the transition to that 24/7/365 living–working resort!

Lee Ellison photo

Austin's first toll roads will open November 1—a year ahead of schedule—amid a firestorm of speculation. Will commuters actually use the toll roads? Will the new roads help extend Austin’s real estate boom?

  The first section of toll roads to open is along north MoPac, from Parmer to the new SH-45 toll road, then east on SH-45 to SH-130. From there commuters will be able to access Highway 79 to the north or Highway 290 to the south.

   During the five-plus years it has taken to plan and build these toll roads, there has been a lot of rhetoric—some of it quite heated—as to whether or not local commuters would use the roads or whether they should even be built at all. The answer to both is yes!


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9430 Research Blvd.NEW WEB-BASED SERVICE COMPANY iTAGGIT LEASES

FIRST LOCATION

Commercial Texas recently represented iTaggit in the lease of its first official location at 9430 Research Blvd., Austin, Texas.
   iTaggit soon will provide Web-based services and products designed to help individuals manage their personal assets. The company's founders include four Austin high-tech executives.
    "We look forward to launching iTaggit and sharing more about the company's solutions and benefits in coming months," said David Altounian, CEO. "We need a commercial real estate strategy that allows for future growth and offers flexibility. Commercial Texas understands the needs of emerging companies and helped us create a solution that fit."
    Russell Young and Michael Kennedy with Commercial Texas represented iTaggit. Kevin Kimball represented KVA. Inc.

VOLUNTEERING IS A JOY FOR COMMERCIAL TEXAS EMPLOYEES

Commercial Texas has joined forces with more than 3,000 volunteers who help Meals on Wheels provide hot, nutritious meals to people who are homebound or who can no longer cook for themselves. These volunteers serve over 1,800 worthy Austinites on a daily basis.
   As the late Ann Richards, former governor of Texas, once said, "Meals on Wheels brings not only food but proof that we live in a caring community." The management and staff of Commercial Texas are honored to be part of such a caring organization.

  "It just makes us feel good to help," said Broker Assistant Aimee Kirkconnell. "It's nice to take some time out of our hectic schedules and do something meaningful and worthwhile."
    Meals on Wheels makes it convenient for companies to participate by allowing volunteers to take turns delivering. Every Friday two or three staff members, from brokers to interns, leave the Commercial Texas office to deliver meals, following a convenient route that allows them to complete their mission during their lMeals on Wheelsunch hour.

   Intern Seth Koschak said, "It's a great feeling to see how appreciative the recipients are. I enjoy hearing their stories and making them laugh."
   The volunteers say they have all become very fond of their "regulars," and enjoy recounting their Meals on Wheels experiences with coworkers. Intern Max Reinbach has even been known to take time to feed Ms. Mattie's cats.
   "Simple gestures of kindness are cherished by these seniors," Kirkconnell said, "and helping them gives us a sense of pride."
   The Meals on Wheels program came to Austin in 1972 with eight volunteers who cooked and delivered meals to 30 elderly homebound people. Today they deliver approximately 880,000 hot meals per year.

 

IN THIS ISSUE


AUSTIN BUSINESS JOURNAL
ARTHROCARE MAKING A MOVE

 

Since relocating its headquarters to Austin in 2004, ArthroCare Corp. has bolstered its muscle in the multibillion-dollar medical device industry.
   Now, to accommodate that growth, the company is expanding its local presence by leasing 40,000 square feet of prime office space.
   ArthroCare Corp. (Nasdaq: ARTC) will occupy the first floor of 7500 Rialto's Building Two in Southwest Austin. Stratus Properties is nearing completion on the second of two 77,500-square-foot office buildings within its Lantana development. ArthroCare will be the first tenant in the building, with move-in expected in September. The lease term is 10 years.
   The relocation more than quadruples ArthroCare's space in Austin -- home to its headquarters and general administrative offices. The company currently occupies about 8,000 square feet in One Congress Plaza.
   ArthroCare makes minimally invasive surgical products, many based on a company-patented technology that uses low-temperature radiofrequency energy to dissolve, rather than burn, soft tissue. The devices are used in procedures for specialities ranging from sports medicine to gynecology.
   Michael Gluk, chief financial officer for ArthroCare, says the company's local office has expanded from just three employees in 2004 to about 40 today.

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 NEW AUSTIN CENTER FOR ARCHITECTURE  TO OPEN

 

The American Institute of Architects, Austin chapter, has expanded to 2,500 square feet of office space at 801 12th Street.
   The space will house a new Austin Center for Architecture, which opens in November, with the purpose of creating a venue for the building community and general public to learn about new advancements in design, sustainability and innovation in the built environment.
   "Our new location will be central to our mission," said Sally Fly, executive director of AIA Austin. "Commercial Texas worked with us to find a space that met a number of important needs for the center. Working with the team, we found the right space for this next phase as an organization."
   Russell Young, Mike Kennedy and Burke Kennedy from Commercial Texas represented AIA Austin. Brian Larson represented the landlord.  


  



 

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Commercial Texas | 515 Congress Avenue | Suite 1500 | Austin | TX | 78701