Austin Business Journal shares, "Another West Sixth Street tower is approaching the finish line.
ATX Tower, formerly known as 321 West, will open in the fourth quarter this year after topping out in May, according to an announcement. The 58-story tower will add hundreds of apartments and a big chunk of office space to downtown, much like Sixth and Guadalupe, which opened earlier this year and is located across the street from it.
ATX Tower is being co-developed by Ryan Companies US Inc. and Tishman Speyer Properties LP, the latter of which came on board in 2021.
In total, ATX Tower, located at 321 W. Sixth St., is 425,000 square feet. Floors two through 11 are dedicated to parking. Floors 14 through 19 consist of more than 100,000 square feet of office space, while floors 22 through 54 are a mix of studio, one- and two-bedroom luxury apartments.
Amenities include a sky lounge and terrace, fitness center, pool and coworking spaces.
The office space will be coming online at a time when downtown and the metro as a whole are experiencing a glut of vacant office space. According to commercial real estate firm CBRE, total vacancy rates in the metro hit 23.7% in the second quarter, while downtown clocked in at 25.6%.
Austin-based RPM Living is handling residential leasing, and CBRE is handling leasing for the office portion of the tower. Tishman Speyer declined to disclose if any tenants have pre-leased space in the tower.
Ryan has had a presence in Austin since 2012, with notable projects that include Oracle Corp.’s 560,000-square-foot campus, the 251,000-square-foot Permitting and Development Center for the city of Austin at the redeveloped Highland Mall, plus the 32-floor tower that's home to the Thompson Hotel and Sienna at the Thompson apartments.
While ATX Tower is Tishman’s first ground-up project in Austin, the firm acquired the Foundry office building in 2021 and sold it to Beacon Capital Partners in 2022 after leasing up the property to 96%."
Source: Austin Business Journal
Written by: Cody Baird
Published: July 23, 2024
Posted by Grossman & Jones Group on
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