Austin real estate: Tecovas moves its HQ – The Business Journals
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Western footwear company Tecovas is moving its headquarters to East Austin as its business continues to grow.
The Austin-based company has hit a stride in the past few years, moving into its larger flagship store on South Congress, raising $56 million through a Series C to fuel its retail expansion plan — and now, a new office space for its headquarters.
Tecovas will move into the 30,000-square-foot space at 901 E. Sixth St. in early April, said company CEO David Lafitte.
The company outgrew its previous headquarters on South Congress, left the space in 2022 and moved into WeWork temporarily, Lafitte said.
“As one of the fastest-growing Western brands, we’re excited to have a new space that can support this momentum and future growth as we continue to expand our physical retail footprint to new markets, introduce new product categories and continue making the best Western footwear, apparel and accessories in the market,” Lafitte told the ABJ in an email.
Tecovas, which opened in 2015, has grown from about $1 million in net sales in its first 12 months to more than $200 million in net sales, a company spokesperson said. Lafitte declined to disclose 2023 revenue but said Tecovas recorded 24% growth last year.
The bootmaker opened eight stores in 2023, bringing its footprint to 32 stores with more openings planned this year. The company will open its first store in the Northeast, two more stores in California, plus other new locations, Lafitte said.
Tecovas has 130 employees at its headquarters and a total of 700 employees across the business, according to Lafitte, and the company plans to hire more people in the coming months. Just in the past two years, Tecovas grew its workforce by about 200 people.
The company is under a five-year sublease from Sysco Corp. at this location, Lafitte said, a deal brokered by Jon Wheless and John Gump of CBRE.
East Austin is a hub for local company headquarters — just look at Poppi, Outdoor Voices, Favor and more — and there’s a reason why they are choosing this part of the city.
The Poppi founders chose to put their headquarters in The Hatchery in East Austin. It was a central location for workers and was convenient for employees leaving the area and finding parking, Poppi co-founder Stephen Ellsworth told the ABJ in a previous interview.
“We’re seeing companies increasingly focus on sites in East Austin and South Congress as they’re the only true walkable environments in the urban core outside of central business district,” said Alex Taghi, head of office occupier services at Franklin Street, a real estate firm recently established a regional headquarters here. “Those locations are a better culture fit for companies like Tecovas.”
East Austin office rental rates on average were more than $53 per square foot with a 37% availability as of the fourth quarter in 2023, according to a CBRE report. Average office rent in the central business district was nearly $65 in the same time frame, with a 31% availability.
This story has been updated with additional financial information from the company.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Western footwear company Tecovas is moving its headquarters to East Austin as its business continues to grow.
The Austin-based company has hit a stride in the past few years, moving into its larger flagship store on South Congress, raising $56 million through a Series C to fuel its retail expansion plan — and now, a new office space for its headquarters.
Tecovas will move into the 30,000-square-foot space at 901 E. Sixth St. in early April, said company CEO David Lafitte.
The company outgrew its previous headquarters on South Congress, left the space in 2022 and moved into WeWork temporarily, Lafitte said.
“As one of the fastest-growing Western brands, we’re excited to have a new space that can support this momentum and future growth as we continue to expand our physical retail footprint to new markets, introduce new product categories and continue making the best Western footwear, apparel and accessories in the market,” Lafitte told the ABJ in an email.
Tecovas, which opened in 2015, has grown from about $1 million in net sales in its first 12 months to more than $200 million in net sales, a company spokesperson said. Lafitte declined to disclose 2023 revenue but said Tecovas recorded 24% growth last year.
The bootmaker opened eight stores in 2023, bringing its footprint to 32 stores with more openings planned this year. The company will open its first store in the Northeast, two more stores in California, plus other new locations, Lafitte said.
Tecovas has 130 employees at its headquarters and a total of 700 employees across the business, according to Lafitte, and the company plans to hire more people in the coming months. Just in the past two years, Tecovas grew its workforce by about 200 people.
The company is under a five-year sublease from Sysco Corp. at this location, Lafitte said, a deal brokered by Jon Wheless and John Gump of CBRE.
East Austin is a hub for local company headquarters — just look at Poppi, Outdoor Voices, Favor and more — and there’s a reason why they are choosing this part of the city.
The Poppi founders chose to put their headquarters in The Hatchery in East Austin. It was a central location for workers and was convenient for employees leaving the area and finding parking, Poppi co-founder Stephen Ellsworth told the ABJ in a previous interview.
“We’re seeing companies increasingly focus on sites in East Austin and South Congress as they’re the only true walkable environments in the urban core outside of central business district,” said Alex Taghi, head of office occupier services at Franklin Street, a real estate firm recently established a regional headquarters here. “Those locations are a better culture fit for companies like Tecovas.”
East Austin office rental rates on average were more than $53 per square foot with a 37% availability as of the fourth quarter in 2023, according to a CBRE report. Average office rent in the central business district was nearly $65 in the same time frame, with a 31% availability.
This story has been updated with additional financial information from the company.
East Austin Growth Summit 2024
Join ABJ for the East Austin Growth Summit!
© 2023 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 24, 2023) and Privacy Policy (updated December 19, 2023). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American CityBusiness Journals.
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
