01 The Opportunity
The early 2000s brought several major expansions to larger offices as the company rapidly grew. By 2006 Silicon Labs was looking for a more long-term solution which would bring it downtown and accommodate the company’s growth for years to come.
02 The Solution
At the time, Austin’s CBD office inventory couldn’t accommodate Silicon Labs’ leasing needs. Bob and Mark, using their well-established relationships, were able to negotiate the purchase of two 220,000 SF Class A buildings even though they were not listed on the market.
Because the two buildings offered more space than needed at the time of purchase, Silicon Labs became a landlord, as well, and Bob and Mark switched gears from tenant and buyer representatives to landlord agency. Part of their critical responsibilities include managing their client’s surplus office space and coordinating the timing of leases to coincide with Silicon Labs’ growth projections.
Cushman & Wakefield also became Silicon Labs’ global commercial real estate agency on record, helping to secure and manage its office assets and leases on a global scale.
03 The Results
- Their unique campus has allowed Silicon Labs to recruit and retain world-class engineering talent and thrive as one of Austin’s most visible and prominent downtown employers.
- The campus provides Silicon Labs with long term, flexible expansion space in an optimal location.
- Costs are reduced by leasing future expansion space to third-party tenants with almost 100% occupancy since purchase.
- Cushman & Wakefield now manages the acquisition of office space globally for Silicon Labs in over 26 locations.
- This maximizes income for assets and helps with international growth through the CW Network.
- C&W is also responsible for lease administration worldwide, expiration dates, expansions options, and helping with the overall real estate portfolio.
- Web-based reporting offers Silicon Labs full transparency into the state of all assets and leases.
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Jacob Albers • 2/8/2023