Texas Monthly Returns To Downtown Austin With Move To 816 Congress
AUSTIN, Texas — May 11, 2011 — Texas Monthly, the national magazine of Texas, is moving its offices back to downtown Austin to 816 Congress, a recently renovated class-A office building that features incredible views of the Texas State Capitol.
Texas Monthly, published by Emmis Publishing L.P., will move its operations and more than 80 employees into 21,610 square feet on the 17th floor of 816 Congress this summer.
“With our move to 816 Congress, the Capitol will be practically at our doorstep and we'll tap into the energy of a vibrant downtown,” said Texas Monthly President Elynn Russell. “We've gained a great new relationship with Thomas Properties Group and we can’t wait to move into our new space. It's a very exciting time for Texas Monthly.”
816 Congress is a 20-story office tower located at the southwest corner of Ninth St. and Congress Ave., just two blocks from the Texas State Capitol and the adjacent Capitol Complex. The building features unmatched views of the Capitol as well as The University of Texas at Austin campus, with abundant restaurants and entertainment venues in close proximity.
The building was completed in 1983 and renovated in 1994 and 2008. In 2008, a $2 million renovation of common spaces included a new lobby and plaza with large-scale installations from noted artists Harold Roach and Barbara Strasen.
816 Congress provides 24-hour security, covered parking, a large conference room, a fitness center with showers and dressing area, a landscaped plaza, overnight drop boxes, a mailroom, a deli, six high-speed passenger elevators and a full-service bank. In 2003, the property earned an Energy Star certification from the U.S. Environmental Protection Agency and the U.S. Department of Energy.
Just two months ago, Thomas Properties Group, Inc. (NASDAQ: TPGI) was awarded the property management contract by the owners of downtown Austin’s 816 Congress building, a Class-A office space comprising 433,000 square feet. This appointment added to TPG’s current responsibilities as leasing manager of the building and builds on TPG’s successful customer service platform in Austin.
Thomas Properties Group’s Andrew Smith and Mark Miller represent the 816 Congress building, as well as their firm’s portfolio of other CBD Austin properties. Russell Young and Liz Tucker of Jones Lang LaSalle represented Texas Monthly.
“Texas Monthly is a successful enterprise and a cultural institution for Austin and the state, and we’re incredibly proud to include them among our tenants,” said Smith. “816 Congress proved to be the right fit for Texas Monthly because of its premier location adjacent to the State Capitol and all of its amenities to satisfy the needs of the magazine’s employees and their guests.”
Through March 2011, Thomas Properties Group maintained an average occupancy rate of approximately 86 percent among its six downtown Austin properties, which total nearly 2.9 million square feet of class-A office space. In addition to 816 Congress, Thomas Properties Group also has ownership interests in, and leases and manages the Frost Bank Tower, One American Center, One Congress Plaza, San Jacinto Center and 300 West 6th Street in downtown Austin.
About Texas Monthly
Since 1973, Texas Monthly has chronicled life in contemporary Texas, reporting on vital issues such as politics, the environment, industry, and education. As a leisure guide, Texas Monthly continues to be the indispensable authority on the Texas scene, covering music, the arts, travel, restaurants, museums, and cultural events with its insightful recommendations. Recognized for its editorial excellence and outstanding design, Texas Monthly is one of the most respected publications in the nation and has won 11 National Magazine Awards (and 60 nominations), the industry’s equivalent of the Pulitzer Prize. For more information, please visit www.texasmonthly.com.
About Thomas Properties Group, Inc.
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although Thomas Properties Group believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from Thomas Properties Group's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services, including interest rates, the availability of credit to finance commercial real estate transactions, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors That May Influence Future Results of Operations" in our 10-K for the year ended December 31, 2010, and contained in our reports on Form 10-Q for fiscal quarters during 2011, which have been filed with the SEC. Thomas Properties Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Hahn, Texas for Thomas Properties Group
(512) 344-2035 or (512) 619-6742
Diana Laing, CFO