Scheduled to open in 2025, the 48-story office building is nearly 50% leased.
AUSTIN, TEXAS (April 29, 2024) – Co-developers Lincoln Property Company (LPC), Phoenix Property Company and DivcoWest are pleased to announce that the international law firm O’Melveny & Myers LLP has signed a lease at The Republic, a 48-story office tower under construction in downtown Austin. The state-of-the-art tower broke ground in 2022 and is now nearly 50% leased, more than a year before it is scheduled to open in mid-2025.
O’Melveny is a premier global law firm with more than 800 lawyers in 18 offices across three continents. The Los Angeles-founded firm opened its first Texas office in Austin in 2021 and has continued to expand in Austin, Dallas, and Houston.
“O’Melveny is continuing to expand our presence in the Texas market, and we’re delighted by the welcome we’ve received in the Lone Star State,” said Teresa Doremus, O’Melveny’s Managing Director of Global Operations and Real Estate. “Our new, modern, 28,000-square-foot space in The Republic will both accommodate our current Austin team and provide us with needed space for our anticipated growth.”
O’Melveny is the second global law firm to sign a lease in The Republic.
Kirkland & Ellis LLP has committed to occupy 137,000 square feet. Additionally, Austin-based Vista Equity Partners has leased 200,000 square feet.
“National and global professional services firms continue to expand in Austin, and The Republic provides the marquee location and best-in-class amenities these companies seek to help attract and retain top talent,” said LPC Executive Vice President Seth Johnston.
Designed by Duda Paine Architects, The Republic will offer sweeping views of Lady Bird Lake and a direct connection to Republic Square Park – the building’s historic namesake. In addition to being the only building that opens to a full block of park space in the Central Business District, every office floor of The Republic will feature a 750 square foot private terrace, further connecting tenants to Austin’s distinctive outdoor lifestyle.
“We’re delighted with leasing momentum achieved at this point in the construction timeline at The Republic,” said DivcoWest Managing Director, Costa Petrunoff. “The ‘flight to trophy’ trend is evident as tenants seek out the quality and prestige of this state-of-the-art tower. The building’s design, including the Michael Hsu Office of Architecture-designed amenities, has attracted tenants who are drawn to the seamless connection between interior and exterior spaces.”
Ground-level elements in the building will include a 20,000 square foot public plaza with an outdoor bar and 16,585 square feet of ground floor retail space. Drawing in the outdoors throughout the building, the 19th-floor amenity level boasts more than 50,000 square feet of indoor-outdoor space, including conference rooms, fitness center and spin room, club room with a lounge and bar, and a 25,000 square foot outdoor terrace covered by architectural shade canopies.
The designers emphasized the health and wellness of the office tenants and guests by incorporating touchless access technology, enhanced air-filtration systems, and the pursuit of WELLv2 Core Certification, WELL Health-Safety Rating, LEED Gold Certification, and Austin Energy Green Building Program. Additionally, those who commute by bike will have access to a private elevator, which will take them directly to secure storage for nearly 350 bicycles, as well as a spa-quality locker room and showers.
ABOUT DIVCOWEST
Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Austin, Cambridge, Los Angeles, Menlo Park, Washington DC, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. www.divcowest.com
ABOUT LINCOLN PROPERTY COMPANY
Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 510 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 150 million square feet of development since its inception in 1965 and has another $20 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.
ABOUT O’MELVENY
It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com; read our Insights 2024 report; learn more in our firm at-a-glance; and find us on LinkedIn, X, Facebook, Instagram, and YouTube.
ABOUT PHOENIX PROPERTY COMPANY
Phoenix Property Company (PPC), formed in 1994, is a nationally recognized, diversified real estate company with developments and investments in major cities across the United States. Blake Pogue and Jason Runnels are the original principals. Noted for its extensive track record in developing award-winning multifamily and mixed-use communities on in-fill and urban sites, Phoenix has gained a reputation for recognizing emerging neighborhoods and creating iconic properties that encourage additional growth and revitalization. Phoenix also works with universities in evaluating their current and future real estate needs, and develops and owns college student housing communities in multiple cities. Since its inception, PPC and the affiliated GrandMarc have developed residential and mixed-use communities with a construction cost of over $1 billion. For more information please visit www.phoenixpropertyco.com.