The June 2019 Real Estate News Roundup

Google Sailing into More Downtown Space

It’s been confirmed that Google will be taking space at Block 185, the 723,000-square-foot sailboat-inspired 35-story skyscraper under construction at 601 W. Second Street. The technology company will also maintain a dominant presence at 500 W. Second St. The company is also taking an entire building — about 150,000 square feet — at Saltillo, the mixed-use project in East Austin. 


Statesman Property to be Redeveloped

As long expected, the owner of the Austin American-Statesman property at the corner of Riverside Drive and South Congress Avenue plans to redevelop the 18.9-acre site. The redevelopment would include several buildings, some as high as 40 stories and 12.5 acres of space designated for public use, including the creation of a publicly accessible waterfront park. The property owner, the Cox family, will work with local developer Endeavor Real Estate Group, which developed The Domain. 


Large Project Possible on East Riverside Drive

A controversial mixed-use project on East Riverside Drive has received the go-ahead from the Austin Planning and Zoning Commission. The project, dubbed 4700 East Riverside and being developed by Nimes Capital and Presidium, must go before the Austin City Council in August, where it is expected to meet resistance because of its size. The development is expected to add 4 million square feet of office space and 4,700 apartments on 97 acres.  


Rent Reese Witherspoon’s Big Little Lies House

Live like a movie star! The Malibu, Calif., house that serves as the home of Reese Witherspoon’s character, Madeline Mackenzie, in the hit HBO series Big Little Lies series is available for rent for $3,000-$5,000 per night. The nearly-6000-square-foot home  has seven bedrooms, eight bathrooms, two master suites and a jacuzzi. It also has a 900-square-foot guesthouse.


Making What’s Old New Again

Industry experts say office buildings constructed in the 1980s can withstand competition from newly constructed buildings if they are properly renovated. The 1980s saw the biggest office construction boom before the current one, but the buildings’ appearance is considered quite outdated by today’s standards. Many of these buildings are in premium, highly desirable locations, developers in Boston, New York, Los Angeles and Chicago are finding. Additionally, renovations can be accomplished in less time and for less money than development of new buildings.