Global Digital Company PMG Marks Growth on Austin Skyline with Class A Office Tower Lease Including Building Signage and Bridge Access
AUSTIN, Texas – (COMMERCIAL THREAD) –KBS, one of the largest investors in blue chip commercial real estate, has signed a new lease agreement with PMG in the world, one of the world’s fastest growing digital companies, no. 1 among Ad age The best places to work and Advertising week 2021 Revolutionary Media Agency of the Year, at 515 Congress, a 263,058 square foot Class A office tower in Austin, Texas. The 14,082 square foot lease is for the entire 18e floor, the upper signage of the building and access to the new terrace of the property. 515 Congress is owned by KBS Real Estate Investment Trust III.
According to Giovanni (Gio) Cordoves, Western Regional President of KBS, the transaction demonstrates companies’ appetite for a premier presence in premier office buildings in high growth markets.
“Through KBS’s strategy of investing in the country’s top 25 markets, we have identified high growth markets in the Sun Belt region,” Cordoves says. “Austin, who was named the country’s hottest market for commercial real estate investment, attracts leading companies such as Tesla, which is building a new Gigafactory in East Austin. A top-notch office building like 515 Congress attracts companies looking to differentiate themselves in this market.
Built in 1974 and extensively renovated in recent years by KBS, 515 Congress is a 26-story WiredScore Silver and Energy Star certified building with approximately 12,000 square feet of street-level commerce and the recently completed outdoor patio. Located at the corner of 6e Street and Congress Avenue in the heart of downtown Austin’s business district, the property is within walking distance of the Texas State Capitol, Austin Convention Center, 6e Street entertainment district and Lady Bird Lake.
“515 Congress is one of the best options in the city of Austin for businesses looking for premium office space,” says Brett Merz, asset manager for 515 Congress and senior vice president of KBS . “In addition to being located close to transport, shops, entertainment, restaurants and hospitality areas, this asset offers a host of popular on-site amenities, including parking, bicycle storage, cafe, coffee bar, fitness center, tenant lounge, vehicle charging station, car wash / retail service, and much more. It offers virtually everything a discerning office tenant could wish for, whether in the building or within walking distance.
The property’s superior location was a major factor that attracted PMG to 515 Congress, according to George Popstefanov, CEO of PMG.
“Austin is a critical market for attracting and retaining top talent as we accelerate our global growth,” said Popstefanov. “We want our offices to be places people want to come to work every day, and 515 Congress’s close proximity to day-to-day needs and amenities, in addition to its impressive list of on-site amenities, has made this the first choice for us to establish ourselves as a premier business partner and employer in Austin. ”
Brad Philp, Managing Director, and Connor Atchley, Senior Partner, Stream Realty managed the rental transaction on behalf of KBS.
“515 Congress is on the shortlist of companies seeking high-end office space in downtown Austin,” says Philp. “PMG is one of the many companies that have expressed an interest in locating their offices at this property. Beyond the many attributes of the building, KBS’s expertise in managing the asset to exceed tenant expectations makes it one of the most sought after properties on the market.
In addition to 515 Congress, KBS has two other top assets in the Austin market: Domain gateway, a 183,911 square foot office tower owned by KBS Real Estate Investment Trust III, and SouthTech Business Center, a 260,112 square foot light industrial and office / flexible property owned by a subsidiary of KBS.
515 Congress is located at 515 Congress Avenue in Austin, Texas.
Please click here for the photos of the 515 Congress.
KBS is one of the largest leading commercial real estate investors in the country. As an SEC-registered private equity real estate firm and investment advisor, KBS and its affiliates have completed more than $ 43 billion in transactional activity on behalf of private and institutional investors worldwide. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates leading commercial real estate in some of the country’s most successful epicenters. The firm is committed to its business ethics, its business relations and its constant concern to exceed the expectations of its investors, partners and tenants. Registration with the SEC as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the ability to KBS Real Estate Investment III to invest. in and manage a diversified portfolio, and performance of 515 Congress and the Austin, Texas real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of KBS Real Estate Investment Trust III and / or 515 Congress to differ materially from any result, future performance or achievement expressed or implied by these forward-looking statements.
PMG is an independent global digital company that seeks to inspire people and brands that anything is possible. Driven by shared success, PMG uses strategy, creativity, media and knowledge, along with its proprietary Alli marketing intelligence platform, to deliver on its mantra of Digital Made for Humans ™. With offices in Fort Worth, Austin, Dallas, New York and London, our team is made up of 350 employees worldwide, and our work for brands like Apple, Beats by Dre, Cole Haan, Old Navy, Omni Hotels and Resorts , Sephora, SurveyMonkey, and TikTok run in over 50 countries. PMG received the industry’s highest recognition from the Cannes Lions to Ad Age’s Best Workplaces and Adweek Media Agency of the Year 2021.