Texas

RICHARDSON, TEXAS — Dallas-based KDC has completed the fourth office tower at the developer’s CityLine mixed-used project in Richardson. State Farm will occupy the new tower, and the giant insurer’s employees are currently in the process of moving into the 500,000-square-foot facility. State Farm now occupies 2.1 million square feet of office space at CityLine. Construction of the tower, known as Four CityLine, started in July 2014. Located at the northeast corner of State Street and North Plano Road across from the other three State Farm office towers, Four CityLine consists of a 12-story office building situated atop a five-level parking structure with approximately 30,000 square feet of ground-floor retail space. CityLine now includes the four office towers occupied by State Farm; a 489,000-square-foot office complex for Raytheon; nearly 50 restaurants and stores, including the Whole Foods-anchored CityLine Market; 1,000 apartments with another 1,000 under construction; a 148-room select service Aloft Hotel scheduled to open early next year; a wellness office building anchored by Texas Health Resources, Children’s Health and a fitness center; and an urban plaza designed by Office of James Burnett (OJB), the landscape architect of Dallas’ signature Klyde Warren Park. CityLine’s project team includes general contractor Austin Commercial, architect Corgan Architects, civil …

AUSTIN, TEXAS — Prescott Group Inc., along with an institutional investor, has acquired an office building at 316 W. 12th St. in Austin and plans an $11 million redevelopment of the property. The building is located on one acre and is within walking distance of the State Capitol, The University of Texas, Dell Medical School and Austin’s Downtown Entertainment District. The Texas State Teachers Association, which had owned the property since its completion in 1952, was the seller. The redevelopment, which is slated to begin Oct. 10, will include an additional 26,000-square-foot floor to the building. Other planned improvements feature a new restaurant, rooftop terrace, conference room, fitness facility, bike storage and landscaped courtyard. Following the redevelopment, which should be completed in late 2017, the building will be renamed Westview. Andersson•Wise Architects is designing the project. The Burt Group is the general contractor, Sixthriver Architects is the interior designer, Big Red Dog is the civil and MEP engineer, AEC is the structural engineer, and Co’Design is the landscape architect. The project lender is Texas Capital Bank, while HFF arranged the financing. Rachel Coulter and Kevin Kimbrough of the Austin office of JLL will lead the leasing efforts. Prescott Group is …