Space Expected to Help Four Central Texas Arts Organizations Grow and Collaborate
AUSTIN, TX – July 9, 2009 – (RealEstateRama) – Grubb & Ellis Realty Investors LLC today announced that it has built out and donated a 1,197-square-foot office unit at 816 Congress Ave. to four area nonprofit arts organizations rent-free for five years. Art Alliance Austin, Artists in Hospitals, The Lost Pines Music and Arts Festival and Texas Biennial will share the 11th floor space, which features private offices, work stations, a board room and a view of the historic Texas Capitol building.
Art Alliance Austin will be the anchor tenant while the other three organizations will receive access to occasional office space, meeting space, file storage, a mailing address and a public walk-up interface.
“Grubb & Ellis Realty Investors has donated this space as a gift to the organizations and to the community,” said Ross Crowe, senior vice president of Asset Management, Grubb & Ellis Realty Investors. “There are some nominal parking and administration fees, but nothing like the overhead of even a small amount of office space. These are important organizations whose work benefits and enriches our entire community and Grubb & Ellis Realty Investors is pleased to assist them.”
Meredith Powell, executive director of Art Alliance Austin, commented, “With this generous act, Grubb & Ellis Realty Investors has not only made a commitment to these four organizations, they have given a gift that will help many in this community who benefit from the strengths of the arts.”
Rachel Koper of Texas Biennial echoes this sentiment, “The Texas Biennial is thrilled to have a significant presence downtown. The support of Grubb & Ellis Realty Investors shows a meaningful contribution to the visual arts in Austin.”
Tenants in the space also recognize the benefits that go beyond waived lease payments. Roger Myers, board president of the Lost Pines Music and Arts Festival, slated to launch in 2010, sees the office space as “a kind of laboratory for the creation of artistic and educational enterprises in central Texas. The gift comes at a crucial time in respect to the economy.”
Ian Cion, executive director of Artists in Hospitals, notes, “In the current economic climate it is essential that arts organizations and business leaders work together to generate meaningful and practical opportunities for working artists.”
The space donation is the latest in a series of community arts projects Grubb & Ellis Realty Investors has announced during the past 18 months for Austin and Houston properties:
• Commission of Barbara Strasen Mural at 816 Congress along with the acquisition of a sitespecific installation by artist Michelle Mayer in the lobby,
• Acquisition, restoration, and permanent installation of important George Sugarman sculptures across Houston and Austin properties—including in front of 816 Congress, and
• Recent temporary exhibitions at 816 Congress and Chase Tower showcasing the work of emerging Austin artists (Grubb & Ellis Realty Investors acquired work from both shows for their properties).
About Grubb & Ellis Realty Investors
Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $6.8 billion located throughout 33 states. One of the nation’s most active buyers and sellers of commercial real estate, Grubb & Ellis Realty Investors has completed acquisition and disposition volume totaling more than $11.6 billion on behalf of program investors since its founding in 1998; in excess of $8.6 billion of this volume has been transacted since Jan. 1, 2005.
Grubb & Ellis Realty Investors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investment programs, including tenant-in-common (TIC) programs for investors structuring taxdeferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, non-traded public real estate investment trusts (REITs), multi-member limited liability companies (LLCs) and institutional investments. Through the Grubb & Ellis Private Client Management program, Grubb & Ellis Realty Investors also offers high net worth investors a comprehensive program to build or expand their commercial real estate portfolio, whether their investment objectives are 1031 exchange driven or not.
Contact: Damon Elder
Email: damon.elder (at) grubb-ellis (dot) com