Las Cimas

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Las Cimas (Spanish: "Summit" or "Top"[1]) is an office complex in unincorporated Travis County, Texas, between Austin and West Lake Hills.[2] The buildings, southwest of Downtown Austin,[3] are about 300 yards (270 m) south of the southwest corner of Las Cimas Parkway and Texas State Highway Loop 360 (Capital of Texas Highway).[4] It previously housed the headquarters of Dell and American Campus Communities.[5]

Las Cimas II and III are owned by Spear Street Capital.[6]

History

Lincoln Property Company developed Las Cimas II and III in 2000 and 2001.[3]

In 2000 Dell announced that it would lease 80,000 square feet (7,400 m2) of space in the Las Cimas office complex to house the company's executive offices and corporate headquarters, which were moving from Round Rock, Texas. 100 senior executives were scheduled to work in the building by the end of 2000.[2] In January 2001 the company leased the space in Las Cimas 2, located along Loop 360. Las Cimas 2 housed Dell's executives, the investment operations, and some corporate functions. Dell also had an option for 138,000 square feet (12,800 m2) of space in Las Cimas 3.[7] After a slowdown in business required reducing employees and production capacity, Dell decided to sublease its offices in two buildings in the Las Cimas office complex.[8] In 2002 Dell announced that it planned to sublease its space to another tenant; the company planned to move its headquarters back to Round Rock once a tenant was secured.[7] By 2003 Dell moved its headquarters back to Round Rock. It leased all of Las Cimas I and II, with a total of 312,000 square feet (29,000 m2), for about a seven-year period after 2003. By that year roughly 100,000 square feet (9,300 m2) of that space was absorbed by new subtenants.[9]

Challenger International Ltd. purchased Las Cimas II and III for $63 million in 2002. Challenger merged with CPH Investment Corp. in 2003, so its name changed to Challenger Financial Services Group Ltd. In 2004 Challenger put Las Cimas II and III (together they have 313,364 square feet (29,112.5 m2) of space) for sale.[3]

In 2006 Triple Net announced that it was selling Las Cimas II and III. At the time, Dell leased the entirety of both buildings and sublet them to several firms, including American Campus Communities, Keller Williams Realty, Sheshunoff Information Services, and Texas Instruments.[10]

Between January 2007 and June 2008, two leases, together for 41,600 square feet (3,860 m2) of space, took space in Las Cimas IV. Wilson Sonsini Goodrich & Rosati PC, a law firm, took 35,600 square feet (3,310 m2), while U.S Risk Insurance Group took about 6,000 square feet (560 m2). In early February 2009 Vitesse Semiconductor Corp. leased 14,375 square feet (1,335.5 m2) in Las Cimas IV, the newest building in the Las Cimas complex. Intersil Corp. leased 15,821 square feet (1,469.8 m2) of space in Las Cimas IV later that month. Over half of the space that was leased in the end of February 2009 had been taken in the six preceding months.[6]

In 2010 St. Jude Medical Inc. occupied 60,000 square feet (5,600 m2) in two buildings in Las Cimas.[11] In the fourth quarter of 2010 American Campus Communities, Dell, Keller Williams, and St. Jude vacated about 160,000 square feet (15,000 m2) of space within Las Cimas. Most of the vacation of space was due to a firm moving its offices to other locations in Greater Austin.[12]

References

  1. ↑ "Overview." Last Cimas Phase IV. Retrieved on May 16, 2010.
  2. ↑ 2.0 2.1 Pletz, John. "Dell moving executives closer to Austin." (Alternate link) Austin American-Statesman. May 9, 2000. A1. Retrieved on May 4, 2010.
  3. ↑ 3.0 3.1 3.2 "Owner selling Las Cimas buildings." Austin Business Journal. Monday May 24, 2004. Retrieved on May 16, 2010.
  4. ↑ "Location." Las Cimas Phase IV. Retrieved on May 16, 2010.
  5. ↑ "Contact Us." American Campus Communities. November 29, 2005. Retrieved on October 4, 2011. "805 Las Cimas Pkwy., Suite 400 Austin, TX 78746"
  6. ↑ 6.0 6.1 "Lincoln Prop. fills up Las Cimas building in SW Austin." Austin Business Journal. Friday February 27, 2009. Retrieved on May 16, 2010.
  7. ↑ 7.0 7.1 "Dell seeks to sublease Las Cimas offices." Austin Business Journal. Friday March 8, 2002. Retrieved on May 4, 2010.
  8. ↑ Pletz, John. "Article: Dell Leaders to Return to Round Rock, Texas, Campus." Austin American-Statesman. March 8, 2002. Retrieved on May 4, 2010.
  9. ↑ Hudgins, Matt. "Dell space taken." Austin Business Journal. Friday May 9, 2003. Retrieved on May 4, 2010.
  10. ↑ "Triple Net Properties Announces the Sale of Las Cimas II & III Located in Austin, Texas." PR Newswire. August 8, 2006. Retrieved on October 4, 2011.
  11. ↑ Novak, Shonda. "St. Jude Medical expanding its Austin operations." Austin American-Statesman. Thursday February 11, 2010. Retrieved on May 16, 2010.
  12. ↑ Vara-Orta, Francisco. "Austin CRE vacancy down 2.2%, continued recovery expected." Austin Business Journal. Tuesday January 11, 2011. 2.

External links

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