Real estate investment fund CIM Commercial Trust recently announced it had signed a tenant for a 44,000-square-foot office building in the Penn Field office campus located at 3601 South Congress Ave in Austin. The undisclosed tenant fully leased the two-story building for eight years.
The property known as Building E was completed in June 2020. It boasts large floorplates, high ceilings and an abundance of natural light — thanks to its floor-to-ceiling windows — as well as a façade designed to reflect the area’s historically industrial zone. The new tenant will also benefit from outdoor patios and terraces, as well as access through open staircases, which reduce reliance on elevators and other indoor common areas.
With the most recent lease, the office campus now has an occupancy rate of 86%. Penn Field is situated in Austin’s booming SoCo district, which is within a mile of Highway 71 and I-35 and offers ample commuting options through public transportation. Notable tenants leasing office space within the campus include ethical food producer Vital Farms and High Brew Coffee, a firm specializing in cold brew coffee products.
The campus is actually an adaptive reuse of a WWI-era military airfield. Today, it consists of 11 properties spread across 16 acres and totaling 228,000 square feet of Austin office space. And, while some of Penn Field’s buildings pay homage to its industrial past, the campus today is a lushly landscaped, walkable campus with plentiful outdoor space.
CIM Commercial Trust — a subsidiary of CIM Group — specializes in the acquisition and operation of Class A office properties in high-demand metropolitan communities, with the majority of its portfolio being situated in Los Angeles, the Bay Area and Austin. The company has owned, operated and developed more than 1.4 million square feet of properties in the Austin area, including Eastside Village, Chase Tower and Hartland Plaza.