Shorenstein Properties has closed on the sale of its second Mueller office tower to the Teacher Retirement System of Texas. The California company on Thursday announced the final sale of the Bravo Building, one of the four towers it's developing in Northeast Austin's Mueller neighborhood.
The six-story, 248,000 square-foot office building is at 4655 Mueller Boulevard in the Mueller Business District. It was designed by Page Southerland Page and incorporates sustainable design including high-efficiency windows and mechanical systems. It has 13-foot floor-to-ceiling heights and 40,000-square-foot floor plates. The property includes an 845-space parking garage.
Shorenstein did not disclose the terms of the deal, but it agreed to sell the building to the pension fund for about $161.9 million in late 2021, according to a TRS board meeting document.
The developer broke ground on the project in May 2022, with Wells Fargo Bank providing a $83.8 million construction loan a year later. Shorenstein's project partners include Mueller master developer Catellus Development, Page Southerland Page, and general contractor Rogers O’Brien Construction. It's slated for completion in mid-2025.
The purchase is part of TRS' move to Mueller from its longtime downtown headquarters, a 200,000-square-foot complex at 1000 Red River Street, which it sold in October 2022 for $108 million.
Shorenstein Properties sold TRS its 210,000-square-foot Alpha Building at 1900 Aldrich in the master-planned community for an estimated $138.1 million in January 2022.
TRS will occupy all of the Bravo Building and all but two floors of Alpha, which it plans to lease out.
The Bravo Building is the second of four buildings, total 800,000 square feet, that Shorenstein has planned in the Mueller Business District. that will The remaining Charlie and Delta buildings, not part of the sale to TRS, were recently permitted for construction, and will contain about 330,000 square feet of class A office and/or laboratory space. The design includes significant outdoor amenity space, 15- to 17-foot floor-to-floor heights, and lab-ready infrastructure including the ability to accommodate up to 6.4 megawatts of power.
