Posting Language
Title
Authorize negotiation and execution of an amendment to the lease agreement with CREA Capital, LLC, for 6,408 square feet of office space in the City's Two Barton Skyway Building located at 1601 South MoPac Expressway, Suite 175D, Austin, Texas 78746, that will establish an earlier lease expiration date of December 31, 2026; void tenant's decision to exercise its contraction option; and waive rent and other charges under the lease in an amount not to exceed $228,148. Funding: This item is projected to reduce revenue by $171,111 in the Fiscal Year 2025-2026 and $57,037 in the Fiscal Year 2026-2027 Operating Budget of Austin Facilities Management.
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Lead Department
Austin Financial Services.
Fiscal Note
This item is projected to reduce revenue by $171,111 in the Fiscal Year 2025-2026 and $57,037 in the Fiscal Year 2026-2027 Operating Budget of Austin Facilities Management.
Prior Council Action:
October 12, 2024 - Council approved the negotiation and execution of all documents and instruments necessary or desirable to acquire in fee simple approximately 13.83 acres, including two four-story Class A office buildings totaling approximately 390,963 square feet of office space and two five-level parking garages with approximately 1,551 garage and surface parking spaces, for municipal offices, located at 1501 and 1601 South Mopac Expressway, Austin, Texas 78746, from G&I VII Barton Skyway LP, in an amount not to exceed $107,892,000, including closing costs.
For More Information:
Brandon Williamson, Austin Financial Services, 512-974-5666; Michael Gates, Austin Financial Services, 512-974-5639; Kimberly Olivares, Austin Financial Services, 512-974-2924.
Additional Backup Information:
The purpose of this proposal is to authorize negotiation and execution of an amendment to the lease agreement with CREA Capital, LLC (CREA) for Suite 175D, consisting of approximately 6,408 rentable square feet of office space, in the City's future public safety h...
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