facebook

traded

+ Submit
Home

/

Deals

/

Texas

/

Office

/

Lease

/

901 East 6th Street

Tecovas Leases 30,000 SF Headquarters In Austin From Sysco Corporation
LEASEDOffice

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

John Gump

CBRE

Broker

3 deals

Broker

Austin Office Market Snapshot

Boundary boundary · Office · Lease transactions

Loading comparables…

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