Employees Retirement System of Texas Expanding Its Space By 2020

AUSTIN, TEXAS — The Employees Retirement System of Texas will add to its ample downtown building upon completion of construction at its current site in 2020, real estate officials said on Wednesday.

CBRE officials announced the marketing of a 200,000-square-foot mixed-use building at 200 E. 18th St. to the Employees Retirement System (ERS). While remaining at its current offices at the location, ERS will be tearing down a one-story area at the site to develop the new space, a CBRE official explained to Patch.

The new space will break ground in late 2018 or early 2019, and is expected to be completed in late 2020 as a site development application has been filed, CRBR officials said. The area is being designed by STG architects and constructed by Ryan, officials added.

Once built out, the building will consist of approximately 15,000-square-feet retail space and 192,000-square-feet office space, with uniquely large floorplates exceeding 34,000 square-feet, according to real estate officials.

“We are excited to offer space in a modern new structure uniquely located in Austin’s Capitol Complex and Innovation District,” Porter Wilson, Executive Director of Employees Retirement System of Texas, said. “The project has the dual benefit of making the most of an underutilized site by adding long-term revenue to the ERS Trust Fund and allowing ERS to address growing needs while remaining within the Capitol Complex. The building will be a beautiful addition to the neighborhood.”

ERS Board Chair Craig Hester added: “On behalf of the Board of Trustees and the staff, we are pleased with the progress of the project and excited about the opportunity for investment in this new building project which will benefit ERS members and retirees, and compliment business development around the Capitol Complex for years to come.”

CBRE’s Peter Jansen, Mark Emerick and John Barksdale are representing the Employees Retirement System of Texas, company officials said.

At the close of this year's second quarter, vacancy rates in Austin’s Central and CBD submarkets were just 2.2 percent and 8 percent, respectively, CBRE officials said.

“We are thrilled to assist ERS in this endeavor and bring this Class A project to the market,” Peter Jansen, First Vice President for CBRE’s Public Institutions team, said.

ERS is currently located at 200 E 18th St. It's an agency of the Texas state government created in 1947 that oversees retirement benefits of state employees.

Image via CBRE

Image via CBRE

Get Patch's Daily Newsletters and Real Time Alerts

>>> Top image via Shutterstock, satellite images of ERS construction provided by CBRE