Successful Stonebridge Plaza I Sparks Sister Structure Totaling 200,000 SF

Fresh from the success of its Stonebridge Plaza I development in northwest Austin, Transworld Properties has broken ground on a second structure immediately south of its fully leased building that was completed last year.

Like its twin, the 200,000-sf Stonebridge Plaza II is located in an office complex northwest of Research Blvd. and North MoPac in what officials describe as Austin’s “Golden Triangle” – the intersection of MoPac, Texas 183, and Loop 360. John Britton, Transworld’s senior vice president, told GlobeSt.com Wednesday that the new nine-story structure, scheduled for completion in fall 2001, will closely resemble Stonebridge Plaza I.

Transworld has again hired Kennedy-Wilson, a diversified international real estate services firm based in Beverly Hills, CA., as fee developer and leasing agent for the second phase. “The building’s size and its large flexible floor plates were chosen to both satisfy the growing demand for space by bigger, high-tech companies and appeal to smaller, more traditional users,” says Phil Capron, Kennedy-Wilson’s senior managing director.

He emphasizes the design of Stonebridge Plaza I and II incorporates many features demanded by today’s users, including a greater parking ratio and substantially increased low-voltage electrical capacities. The state-of-the-art air conditioning system will accommodate tenants with flexible working hours.

The lead tenant at Stonebridge Plaza I is Globeset Inc. Other tenants include Microsoft Corp., DPR Construction, Admiral Insurance and The Chubb Group.

Transworld Properties, based in Houston, has developed a real estate portfolio with total capitalization of more than $1 billion. Over the past several years Transworld Properties has been active in more than 20 markets from the Pacific Northwest to Florida. Equity investments in individual projects have ranged from $1 million to $15 million with overall project capitalization ranging from $4 million to $50 million.