IBC Bank and Endeavor Real Estate Group Announce New Office Tower Planned for Downtown Austin
(JULY 17, 2012) AUSTIN, Texas – IBC Bank and Endeavor Real Estate Group recently announced a new office project coming soon to the downtown Austin skyline. The project, to be called IBC Bank Plaza, will be a 195,270 rentable square foot, class “A” office building at 500 W. 5th Street. The building will house the new IBC Bank-Austin headquarters.
IBC Bank will occupy approximately 19,000 square feet in the building, including a bank lobby and drive-thru on the ground level. The building will rise 13 stories over street level, and will include retail levels, parking garage and the office tower. It will also offer multiple balconies overlooking Republic Park, with Capitol views from upper floors. The location will offer unrivaled access for tenants and visitors, due to its unique position between Congress Avenue and the Whole Foods Market district.
“Since IBC’s entry into the Austin market in 2004, we have witnessed the rapid evolution of the downtown area into a vibrant urban center reminiscent of some of the nation’s largest cities,” said Bob Barnes, president and CEO of IBC Bank-Austin. “The IBC Bank Plaza will be a perfect addition to the city by providing additional office and retail space to our growing community in one of the most coveted areas of town.”
The building was designed by award-winning architectural firm, HKS, which has previously been named by the Texas Society of Architects as the “Firm of the Year.” Endeavor Real Estate Group is the developer for the project and leasing will be handled by Travis Dunaway and Jonathan Tate.
“As downtown continues its southern and western shift, IBC Bank Plaza is uniquely positioned to appeal to both traditional downtown office tenants as well as the creative office class. We are pleased to be collaborating on this project with such a strong partner,” said Jamil Alam, managing principal of Endeavor Real Estate Group.
A site development permit has been secured and construction could begin as early as December 2012, with a projected substantial completion date of May 2014. Prospective tenants could begin interior construction as early as January 2014. Approximately 165,000 square feet of office space on the upper floors and 11,000 square feet of street-level retail and restaurant space remain available for lease.
Endeavor and IBC Bank already have interest from tenants wanting to pre-lease office space in the building.
About IBC Bank:
IBC Bank – Austin is a member of International Bancshares Corporation (NASDAQ: IBOC), an $11.8 billion multi-bank financial holding company headquartered in Laredo, Texas, with 215 facilities and more than 375 ATMs serving 88 communities in Texas and Oklahoma. International Bancshares Corporation was named one of the most trustworthy companies in the U.S. by Forbes in 2012.
About Endeavor Real Estate Group:
Endeavor is a full service Austin, TX based commercial real estate firm that was founded in 1999. Endeavor is active in the acquisition & development of office, retail, urban mixed-use, industrial & self-storage, and has in-house leasing, management & tenant representation services. Endeavor’s noteworthy Austin projects include the Domain Phase I (retail), The Domain Gateway (office), Southpark Meadows (retail) and 1890 ranch (retail). Endeavor is currently developing a Whole Foods Market at the Domain, and in a joint venture with Columbus realty is developing 543 multi-family units at the Domain. Endeavor has announced plans to develop a high rise mixed-use project near 5th Street & Bowie in downtown Austin that will include 359 multifamily units, 43,000 SF of office space and 3,400 SF of retail.
Plans for the IBC Bank Plaza include a street-level lobby and drive-through, retail and restaurant space, with the new IBC Austin headquarters and other offices on upper floors.