Of­fice project planned for North­west Austin

Austin American-Statesman - - BUSINESS - Hous­ing

Crim­son Real Es­tate Fund LP has ac­quired con­trol of 21.5 acres of land in North­west Austin, where it plans to build a 250,000-square-foot of­fice project.

The land is at Lake Creek Park­way and Pecan Park Boule­vard, just east of U.S. 183, and ad­ja­cent to the 205,000square-foot Aspen Lake One of­fice build­ing that Crim­son owns. The planned of­fice project, which would have two build­ings each with 125,000 square feet, is to be devel­oped by Pa­trinely Group LLC, Crim­son’s devel­op­ment man­age­ment af­fil­i­ate.

In Novem­ber, Crim­son Ser­vices, the prop­erty man­age­ment and leas­ing af­fil­i­ate of the Crim­son fund, had Aspen Lake One fully leased within 18 months of tak­ing the as­sign­ment. Ma­jor ten­ants in the build­ing in­clude Q2e­bank­ing, LDR Spine USA, In­for­mat­ica Corp. and Re­gus. Dennis Tarro of Crim­son Ser­vices, and Ben Tol­son and Bart Ma­theney of Aquila Com­mer­cial rep­re­sented the land­lord in all lease trans­ac­tions.

Crim­son Real Es­tate Fund ac­quires and re­po­si­tions real es­tate op­por­tu­ni­ties in key growth mar­kets across the coun­try. WASHINGTON — U.S. builders broke ground on fewer homes in Novem­ber af­ter start­ing work in Oc­to­ber at the fastest pace in four years. Su­per­storm Sandy likely slowed starts in the North­east.

The Com­merce De­part­ment said Wed­nes­day that builders be­gan con­struc­tion of houses and apart­ments at a sea­son­ally ad­justed an­nual rate of 861,000. That was 3 per­cent less than Oc­to­ber’s an­nual rate of 888,000, the fastest since July 2008.

On Wall Street, stocks closed lower Wed­nes­day as a year-end dead­line nears with no deal in hand how to cut the U.S. government’s bud­get deficit. The Dow Jones in­dus­trial av­er­age fell 99 points to end at 13,252 Wed­nes­day, fol­low­ing two days of 100-point gains. The Stan­dard & Poor’s 500 in­dex lost 11 points to 1,436. The Nas­daq com­pos­ite in­dex also fell 11 points to end at 3,044.

The de­cline in hous­ing starts fol­lows months of strong gains. Hous­ing starts re­main on track for their best year in four years, and the hous­ing mar­ket over­all ap­pears to be sus­tain­ing its re­cov­ery.

An en­cour­ag­ing trend was that ap­pli­ca­tions for build­ing per­mits, a sign of fu­ture con­struc­tion, rose to 899,000 in Novem­ber, the most since July 2008.

“Growth in hous­ing starts was ex­tremely strong in the prior three months … so some give­back is not a con­cern at this point,” said Robert Kav­cic, an econ­o­mist at BMO Cap­i­tal Mar­kets.

Hous­ing starts fell 5.2 per­cent in the North­east from Oc­to­ber to Novem­ber. Starts in the West fell 19.2 per­cent. Over the past year, hous­ing starts have de­clined nearly 26 per­cent in the North­east, the only re­gion to record a year-overyear drop. That sug­gests that Sandy slowed con­struc­tion in the re­gion.

The over­all slide in con­struc­tion in Novem­ber was due mostly to sin­gle-fam­ily homes. Builders be­gan work on 4.1 per­cent fewer sin­gle­fam­ily homes than in Oc­to­ber. Con­struc­tion of apart­ment

DAVID PAUL MOR­RIS / BLOOMBERG

Work for con­trac­tors build­ing new homes slowed in Novem­ber, but hous­ing starts re­main on track for the best year in four years and the mar­ket ap­pears to be sus­tain­ing its re­cov­ery.

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