TIER REIT Inc. is expanding the borders of the Domain – and considering adding 1 million more square feet of office space – in a plan to vastly grow what many people consider to be Austin’s “second downtown.”
The Dallas-based real estate company confirmed this week that it formed a joint venture with Endeavor Real Estate Group to purchase two office buildings totaling 240,000 square feet near Burnet Road and North MoPac Expressway. The 9.5-acre site could eventually be redeveloped to add 1 million square feet of additional office space in a tight sub-market already crowded with tenants such as Facebook Inc., Indeed Inc. and Amazon.com Inc., among others.
Previously known as Stonecreek, the buildings purchased by TIER and Endeavor have been rebranded as Domain Point I and II and officially incorporated into the Domain. TIER owns 96.5 percent of the interest over the site, and Endeavor owns the rest. It’s the first time the two real estate powerhouses have formed such a partnership, according to TIER.
Read more from the Austin Business Journal.