AUSTIN, Texas, Feb. 4, 2021 /PRNewswire/ — Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, is announcing new leases with Nike, Alo Yoga and Hermès at Music Lane, the 320,000-square-foot, three-block mixed-use destination on South Congress Avenue in Austin, Texas. These three transactions bring the retail space to 98% committed, essentially completing retail leasing at the walkable, open-air development.
Nike has leased 5,708 square feet and Alo Yoga secured 3,876 square feet of space at Music Lane and follows the 7,600 square-foot lease luxury brand Hermes finalized in December. Music Lane is comprised of 92,000 square feet of retail including abundant shopping and dining options, planned office space leased by Deloitte, Gensler, Tritium, Altran, EF Education, and Ojo Labs, and hospitality space leased by Soho House.
When plans for Music Lane commenced in 2016, Turnbridge recognized Austin as a city on the rise, identified the best location in the market for development, and worked for years to assemble a site that would yield a rich and iconic mixed-use project to contribute to the environment. Soho House was secured first as the anchor tenant, which set the tone for the type of exciting, aspirational retail mix that would become a new benchmark for the market.
Since then, numerous other retailers have secured space at Music Lane, including Everlane, Le Labo, Frame, Buck Mason, Allbirds, Nak Armstrong, Equinox, Parachute, Reformation, Lululemon, Two Hands, Loveshack Fancy and several others. Notable eateries including Mediterranean restaurant Aba have also opened its doors at the development.
“The completion of retail leasing at Music Lane fulfills our vision of bringing an authentic high-street retail experience to the Austin market,” said Andrew Joblon, founder and managing principal of Turnbridge. “When we started this project five years ago, Turnbridge believed that the location and character of the iconic South Congress Avenue made it perfectly suited for a vibrant new retail corridor.”
“It’s been gratifying to see the strong interest in Music Lane as well as the continued leasing momentum with world renowned brands, even during the recent pandemic. We’ve created a true urban oasis in downtown Austin, and we’re thrilled to welcome all our tenants to this dynamic location,” added Roger Plourde a Principal at Turnbridge who oversaw the project.
Music Lane is located at 1011 South Congress Avenue and serves as a gateway between downtown and South Austin. The development connects visitors to Austin’s roots while providing an elevated shopping and lifestyle experience. The development includes pedestrian-friendly paths and green space in addition to premier retail options and restaurants that enhance the unique culture of South Congress Avenue. All shopping and dining offerings at Music Lane continue to follow all local, state and CDC guidelines to promote proper social distancing and encourage the use of face coverings on-site.
About Turnbridge Equities
Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately-held, vertically-integrated real estate investment and development firm with offices in New York, Los Angeles, Washington DC, Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge’s full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
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SOURCE Turnbridge Equities