Monday, Jul. 1st, 2019

Behind the Lease: Favor

From a small delivery app to a staple of the Austin community,
HPI Tenant Advisors has been there from the beginning.

Behind the Lease: Favor

2013

Through a relationship with Silverton Partners, HPITA was introduced to Favor in 2012 when the team had less than 10 employees. The team was operating out of a small house near the UT campus, and after discussing growth plans, HPITA and Favor developed plans for creative space closer to downtown.

Behind the Lease: Favor

2014

Favor opened an office on W 6th St. allowing for 50+ employees, greater visibility with signage on a prominent street, providing more parking for the growing team, and closer to downtown amenities. While the location was ideal for the team, Favor’s future growth was a concern and HPITA was able to negotiate a below market, short term lease to allow for ultimate flexibility.

Behind the Lease: Favor

2015

With the news of their Series A funding, Favor and HPITA developed plans for rapid growth including a new concept that included a “Runner Clubhouse”, to operate as an orientation space for their new hires. HPITA was able to find a unique retail opportunity in East Austin, to relieve some pressure on their headquarters, as well as create another opportunity for prominent signage on a busy street.

Behind the Lease: Favor

2016

Favor’s continued growth led to further expansion, with the team taking a 12K SF office downtown. HPITA negotiated a short term lease, including ample parking for every employee, and no density clause that would allow Favor to occupy this space with over 150 employees.

Behind the Lease: Favor

2017

Favor received a Series B round of funding which led to expansion in multiple cities across Texas. HPITA assisted Favor in the expansion of additional Runner Clubhouses in Houston, Dallas, and San Antonio to help grow their brand across Texas.

Behind the Lease: Favor

2018

In February 2018, H-E-B announced the acquisition of Favor to help expand their digital business across Texas and Mexico. H-E-B and Favor then developed plans for expansion in Austin, while H-E-B engaged HPITA to survey options for H-E-B/Favor/H-E-B Digital. In a highly competitive market, HPITA negotiated a below market lease for an 82K SF building in East Austin.

Behind the Lease: Favor

2019

The new Favor/H-E-B Digital office, dubbed the “Eastside Tech Hub”, delivered in June 2019. The space features a wide open, creative layout that fits perfectly within the East Austin culture, and the design of the space incorporates numerous references to Texas culture, which highlights the companies strong Texas roots. Amenities within the space include 50 different meeting/phone rooms, 6 different break rooms, a fully stocked library, an amphitheater for large group meetings, and a wellness center with a rock climbing wall. Click here to see more of the space for yourself!

The long term relationship with HPITA and Favor continues today through the H-E-B acquisition, with HPITA continuing to assist H-E-B and H-E-B Digital with further expansion in Austin.

Authors:

Cortland Lowe
Cortland Lowe
Senior Managing Director
(512) 538-1033
lowe@hpitx.com
Case McCoy
Case McCoy
Senior Managing Director
(512) 538-0068
cmccoy@hpitx.com
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Cortland Lowe
Senior Managing Director
Linkedin

Cortland, originally from Augusta, GA, attended Wake Forest University on a golf scholarship. After college, he spent time as a tour professional, including competing in the 2009 U.S. Open. Since 2012, Cortland has completed more than 175 lease transactions for some of Austin’s most well-known and fastest growing companies, including RetailMeNot, H-E-B, and Tiff’s Treats. In his time with HPI Tenant Advisors, Cortland has consistently been listed on Costar’s Heavy Hitter List, and continues to expand the HPITA tenant representation business by developing office space strategies for a growing number of companies including technology, law firms, financial institutions, and healthcare.

Cortland is actively involved in the Commercial Brokers Association of Austin, the Real Estate Council of Austin, and the Wake Forest Deacon Club.

Location
Austin
3700 N Capital of Texas Highway, Suite 420
Austin , TX 78746
MAIN: (512) 538-1033
Behind the Lease: Favor

Behind the Lease: Favor

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Case McCoy
Senior Managing Director
Linkedin

From small towns in West Texas, Case McCoy found his way to Austin after deciding to attend the University of Texas. While earning his degree and real estate certification from the University of Texas, he also served as the team captain of the football team where he honed his skills as a leader and competitor.

Since beginning his commercial real estate career in 2014, Case has quickly become a top broker in Austin, Texas. After becoming the youngest broker named on the Top 10 Power Broker list, he has continued to solidify his place on this list, most recently being named the #2 Power Broker. Case focuses on negotiating leases for large tech companies, law firms, and professional services. He takes great pride in his vast knowledge of the business, competitive nature, and passion for serving his clients, giving him the opportunity to command his clients’ real estate process and allow them to focus on growing their own business operations. Through this process, Case has become one of the most efficient and effective Tenant Advisors in Austin.

Location
Austin
3700 N Capital of Texas Highway, Suite 420
Austin , TX 78746
MAIN: (512) 538-0068
Behind the Lease: Periscope Holdings

Behind the Lease: Periscope Holdings