AUSTIN, Texas, March 31, 2011 /PRNewswire/ -- T. Stacy & Associates, who has been involved with some of Austin's most iconic buildings, announced today that it will reconfigure street-level space in its headquarters building at 823 Congress Avenue to a size and quality sufficient to attract a major retailer and that it has begun an aggressive search to find the "perfect tenant."
Tom Stacy, president of the firm he founded in 1994, said he hoped to have the space leased by 2012. "The timing is perfect given the renaissance of retail in the central business district," Stacy said. "It is by far the largest retail space available downtown. The fact that it is on the corner of 9th and Congress, two blocks from the state Capitol, and that it has ample parking is a tremendous asset."
The 17,000-square-foot space is being vacated by the Austin Museum of Art, which announced that it was moving out of downtown and consolidating its space at the Laguna Gloria property it has owned for decades.
Amstar and T. Stacy & Associates, the building's owners, said they are looking for what's known in the real estate industry as a "triple A" tenant.
"Austin has a global reputation for quality of life," Stacy said. "The exponential growth of South by Southwest and Austin City Limits plays a big role in that reputation. But even more important is that we're becoming known as a great place for business, downtown living and the arts. This incredible space is right in the middle of everything going on in this city."
"There is no other street in the State of Texas that is so identifiable as our 'main street,' " Molly Alexander, associate director of the Downtown Austin Alliance, said. "This is a game-changing location with an owner who gets it. Tom Stacy knows that additional office space may be needed in Austin, but for this particular spot, what we need is retail. Tom is first to market with this kind of thinking, and he is a leader for our city."
Craig Sorrels, owner of CSWG, Inc., a seasoned retail and property development executive with deep experience in retail consulting, will lead the T. Stacy team in leasing the space to what he calls "the perfect tenant." Sorrels has represented such retailers as Ann Taylor, Brooks Bros., Dana Buchman and Baccarat. He has also served a stint as senior vice president for real estate development and business strategy for the Walt Disney Co., during which time he helped develop the Disney Stores Worldwide, opening stores in the U.S., England, Germany and Tokyo.
Sorrels has worked closely with the Downtown Austin Alliance for the last three years and will continue to do so; the DAA is leading an effort to revitalize and redevelop Congress Avenue. Sorrels said the space at 823 Congress represents "incredible frontage and a great amount of square feet."
"This is exactly the kind of location that name-brand retailers—the top-of-mind stores who advertise in every major magazine and have stores from London to New York—dream about," Sorrels said.
About T. Stacy & Associates:
T. Stacy & Associates, Inc., is a full-service commercial real estate firm specializing in leasing, development, acquisition and property management. The company sets itself apart from other firms through an emphasis on customer service, quick decision making, attention to detail and hard work, and a proven track record. Based in Austin, Texas, T. Stacy & Associates has focused its efforts in key markets across the state of Texas along with a few select out-of-state markets. In Austin, T. Stacy & Associates is best known for developing what founder Tom Stacy calls the corner of "Main and Main"—his firm bought and restored all of the buildings at the intersection of Congress Avenue and 6th Street in the Capital City. www.tstacy.com
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.5 billion in assets under management, Amstar's current portfolio consists primarily of office, multifamily, hospitality and retail holdings within the major markets of the United States and select markets in Europe and Latin America. www.amstar.com
Contact: Elizabeth Christian
SOURCE T. Stacy & Associates