Austin American-Statesman writes, "Chase Tower, a high-rise that looms as a 21-story landmark in downtown Austin, is getting a new name.

The name — Procore Tower — was revealed Wednesday. An unveiling event featured a 4-foot-tall cake replica of the building at 221 W. Sixth St., between Colorado and Lavaca streets.

It's being named after Procore, which provides construction management software. Procore leases eight floors —almost 107,000 square feet of space — in the building. The tower, which has undergone multiple changes of ownership and renovations since being completed in 1974, is owned and managed by CIM Group.

Los Angeles-based CIM co-owns the tallest completed building on Austin's skyline — the 58-story downtown high-rise named the Independent, also known as the "Jenga tower."

However, another building, not yet completed, at West Sixth and Guadalupe streets, soars 66 stories on the skyline. And Waterline, now under construction in the Rainey Street District downtown and due to rise to 77 stories, is in line to be the tallest building in Texas.

Procore is headquartered in Carpinteria, Calif. The company has more than 3,500 employees globally and about 700 in the Austin area. 

Just as Austin is an evolving city, Procore is an evolving company, said Scott Moitoza, vice president of real estate and workplace experience at Procore.

"We're proud to be part of the ever-changing Austin skyline and proud to show our commitment to the city," Moitoza said.

When it was built, the newly named Procore Tower was lined with exterior gold-tinted glass window panels, hence its nickname, the "Golden Mirror." In the 1970s, Austin's skyline was much less crowded and had vastly shorter buildings.

The golden panels have been replaced, and many names have followed, among them American Bank Plaza, MBank Tower, Bank One Tower and Chase Tower.

The building is perhaps best known for its private, members-only Headliners Club on the top floor, where many a deal has gone down among Austin's influential movers and shakers.

Procore first came to Austin in 2013, opening a two-person office. The company moved into the former Chase Tower in 2016 with about 50 employees.

Procore has been around for more than 20 years. The company says its mission "is to connect everyone in construction on one global platform."

Procore officials say that more than 1 million projects and more than $1 trillion in construction volume have run on its platform. The company says its software enables construction sites to run much more efficiently than they ever could have in the past.

Procore said the company's software is powering the construction of a mixed-use high-rise going up next door to Procore Tower. That building, called 321 West, will be 58 stories. It is being developed by Tishman Speyer, a global real estate developer based in New York, and Minneapolis-based Ryan Companies.

The tower will have 369 apartments, along with office and retail space. The site formerly housed a drive-thru BBVA bank and a sushi restaurant.

In 2019, CIM Group bought Chase Tower from Goldman Sachs Asset Management and Lincoln Property Co.

Chase Tower and its adjacent parking structure span a full city block downtown.

Goldman and Lincoln bought Chase Tower from Dallas-based Spire Realty Group.

Spire acquired the building in September 2012 from several limited partnerships that included Austin-based Endeavor Real Estate Group and Grubb & Ellis Realty Investors LLC (formerly Triple Net Properties LLC). When Endeavor and Triple Net bought Chase Tower in 2006, they paid $73.7 million — about $189 a square foot."


Source: Austin American-Statesman

Written by: Shonda Novak

Published: October 6, 2023

Posted by Grossman & Jones Group on


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