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On behalf of coworking brand FUSE Workspace, Avison Young negotiates acquisition of newly developed 19,472-sf office building in Austin, TX
October 26, 2022
Austin, TX – Avison Young is pleased to announce that it has brokered the acquisition of a newly developed 19,472-square-foot (sf) office building on behalf of FUSE Workspace, a locally based coworking company. Located in the Dripping Springs submarket at 7710 N FM 620 13-D in Austin, TX, the asset is within the 60,000-sf first phase of The Offices at Sawyer Ranch, which upon build-out of its two phases, will include ten office and medical buildings.
Giovanni Palavicini, Principal-Flexible Office Solutions with Avison Young represented FUSE Workspace. The seller and developer of the project, Steve Harren, was represented by Dan Lewis and David Alsmeyer of TIG Real Estate Solutions.
Build-out of the coworking space is now underway with an anticipated opening date for Q1 2023. The space will feature 89 private offices, five conference rooms, a café with barista machine, phone booths, and two full-time on-site FUSE staff.
“Avison Young’s Flexible Office Solutions team is pleased to have advised and negotiated this acquisition for our client,” said Palavicini.
FUSE’s first Austin location opened October 2020 in Bee Cave.
Over the past two years, FUSE, has been rapidly expanding its market share for Texas coworking space. In addition to its two Austin locations, it has a third location in Houston. It is also currently in negotiations for an additional Austin location in Four Points, which is anticipated to close in late 2022.
“The Austin market is central to our growth strategy and our “work local” emphasis,” commented FUSE CEO Mike Daugherty. “Austinites, especially those in the suburbs, have embraced our flex office solution as preferable to commuting downtown. They’ve also discovered we’re a better environment for productivity versus the home office.”
Company President John Herring believes the company’s “DoMore” philosophy resonates with members and prospects. “Our ‘DoMore’ ethos means our staff team goes the extra mile to help our clients be successful. But we also emphasize doing more for our communities and the world through our non-profit partnerships.”
FUSE has partnered locally with Austin Pets Alive and the Central Texas Food Bank. For every new FUSE started, the company funds a new water well in an underserved community in Uganda and sponsors multiple Ugandan children to attend outstanding schools.
The Offices at Sawyer Ranch is well-located in a high-growth area with a significant amount of new development of both residential and commercial projects. Located directly off Highway 290, the development is next to the 1,600-acre Belterra master-planned community and Belterra Village, a 200,000-sf retail center.
The Avison Young Flexible Office Solutions team is focused exclusively on the flexible economy, providing differentiated advisory and transactional service to enterprise occupiers, institutional owners and flexible operators as they navigate through the transformative changes underway within the industry.
Charlie Morris, the Practice Leader of the Avison Young Flexible Office Solutions team said, “Depending on the market, we anticipate a five- to ten-times increase in the amount of flexible office supply over the next decade. The owner/operator category is going to be a key part of this growth as the flexible supply world is far more than just the name brand operators historically focused on urban markets. Morris added, “FUSE and other successful operators around the country represent the future of the flexible office economy as they are delivering product to meet the demands of today and tomorrow and are often focused on the suburban and tertiary markets.”
About FUSE Workspace: Founded in Dallas in 2018 by hospitality developer Mike Daugherty, FUSE Workspace expanded in 2020 to add locations in Austin (Bee Cave) and Houston (CityCentre), with two new Austin locations opening in Spring 2023. The brand emphasizes “Space as a Service,” drawing on their extensive background in developing and operating hotels and convention space. FUSE has been awarded “Business of the Year” (Prosper Chamber) and “Flex Building Project of the Year” (Houston REDnews). www,FuseWorkspace.com
For moreinformation: Media: Darcie Giacchetto, Media Relations Specialist – Southwest: +1.949.278.6224 Business Development: Giovanni Palavicini, Principal-Flexible Office Solutions, + 214.566.9546 Charlie Morris, Practice Leader – Flexible Office Solutions, + 214.269.3069
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.