The leaders of the Texas Senate and House of Representatives are bitterly divided over their dueling property tax plans, but they have something new in common: both are being sued by Horizon Bank over a real estate deal gone awry.
As Class A buildings downtown face leasing woes, Horizon is accusing House Speaker Dade Phelan, Lt. Gov. Dan Patrick and Comptroller Glenn Hegar of blowing up a lease it signed with a state agency at its new downtown building, 600 West 5th Street.
The Dallas-based law firm now occupies more than 40,000 square feet in the Horizon Bank building, at 600 West Fifth Street. Winstead’s lease covers just over two floors of the 145,000-square-foot building, which opened last year.
The 16-story building is located in Austin’s popular west end, near the flagship Whole Foods store, Republic Square Park and a bevy of bars and restaurants.
Prior to the move, Winstead spent 20 years at the Frost Bank Tower, a 525,000-square foot, 33-story building that opened in 2004 at 401 Congress Avenue. It is unclear how much space it leased there.
Horizon Bank occupies 36,000 square feet at 600 West Fifth. The building is also home to Cisco Systems. The San Jose-based company inked a 27,000 square-foot-lease in April.
As is often the case with relocations these days (in all markets, not just Austin), this is a net loss for the market. Instead will be moving from more than 50,000 square feet to 40,000 square feet.
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