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Situation
Spreetail engaged Stream Realty Partners to represent them in relocating their corporate headquarters office from Nebraska to Austin. The new office would need to be centrally located in Austin, an provide adequate room to accommodate growth to over 150 employees within the space.
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Strategy
Stream presented Spreetail with 17 options in the Austin MSA that could satisfy all criteria for their requirement. Understanding Spreetail leadership favored adaptive reuse projects, Stream deviated from the original plan and presented historic assets that had begun to trade ownership in Downtown and East Austin.
Results
Stream’s Tenant Representation team identified 416 Congress as an ideal option, and with the help of Stream’s Investment Team, were able to dissuade the current owner from selling to a hotel operator and focus on Spreetail’s lease. Within three weeks Spreetail and the Stolz family had come to agreement with Stream acting as an advisor to Spreetail through the process. Following the lease transaction, Stream’s Project Management and Construction team was retained to renovate and restore the 120-year-old office building. The office has received notable recognition for its design and re-use. It is currently one of three nominees for the Austin Real Estate Awards.
