Tecovas Leases 30,000 SF Headquarters In Austin From Sysco Corporation
901 East 6th Street
Building Size
30,000 SF
Asset Type
Office
Closing
Mar 21, 2024
AI
An Office property spanning 30,000 square feet located at 901 East 6th Street in Austin changed hands through a lease transaction. The landlord, Sysco Corporation, leased the space to Tecovas, a bootmaker, for their headquarters.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 901 East 6th Street
- Market: Austin
John Gump and Jon Wheless from CBRE facilitated the five-year lease agreement between Sysco Corporation and Tecovas. The relocation to the new headquarters at 901 East Sixth Street is set to accommodate Tecovas' expansion plans fueled by a $56 million Series C funding round secured in 2022. Currently, Tecovas has around 130 staff members.
Players
Austin Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93