Facebook Linked to Major Lease for Entire 17-Story Austin Office Tower

Social Media Giant Reported as Mystery Fortune 100 Occupant Behind Austin’s Newest Significant Workplace Offer

If Facebook is the Fortune 100 firm behind the full-building lease for TIER REIT’s Domain 12 (revealed above) it will be the social networks firm’s second location in the north Austin workplace complex. The company currently leases over 100,000 square feet in the neighboring Domain 8 structure.

Social network giant Facebook could be the secret tenant behind a “strictly personal” big lease totaling 320,000 square feet, spanning 17 floorings at the soon-to-be-completed Domain 12 workplace tower in Austin.

Dallas-based property investment trust TIER REIT is developing the structure at 3110 Esperanza Crossing slated for completion in December 2019. That’s when, probably, Facebook staff members might possibly move into the space.

Nevertheless, those details were not right away available on Wednesday after TIER declined to comment beyond an earlier statement it released confirming it had finished a lease with a Fortune 100 business for the totality of its Domain 12 structure, adding that the terms of the lease were “strictly private.”

Mentioning several market sources in the state’s capital, the Austin American-Statesman ran a story linking Facebook to the earlier announced lease. In reaction to a request for comments from CoStar News, a Facebook spokesperson for the business’s Austin operations said the company didn’t have “anything brand-new to share about our centers in Austin at this time.”

Facebook Inc. does take place to be a Fortune 100 company, ranking at No. 76 on the publication’s list, and has a big, growing presence in Austin.

Along with announcing the full-building lease deal, Scott Fordham, TIER REIT’s chief executive, verified strong tenant need for the next structure planned in The Domain advancement, and validated in a statement that his company prepares to begin construction on the next workplace tower in the task.

“In addition to totally leasing our Domain 12 development job more than a year in advance of its anticipated completion, our company believe we are well-positioned to begin advancement of Domain 10 next month with letters of intent surpassing 350,000 square feet,” stated Fordham in a declaration.

In an at-the-market equity offering program, TIER REIT raised $130 million in gross proceeds this year, which is expected to help the REIT to fund its development activities. Domain 10 is a 300,000-square-foot office complex planned for a site adjacent to its other Domain towers in Austin.

“Looking beyond Domain 10, we are completely designed and entitled at Domain 9, a 330,000-square-foot prospective development that can accommodate extra workplace need within The Domain,” Fordham included.

TIER REIT is establishing the job with the aid of Austin-based Endeavor Property Group, the firm that is overseeing leasing and management of Domain 12. Gensler is the task architect.

The Texas state capital’s innovation scene has actually been growing as business on the East and West Coast see the Lone State state as an economical choice in hiring brand-new staff members.

Previously this year, another tech company, job hunting website operator Undoubtedly, likewise signed a big lease in Austin, taking more than 300,000 square feet of office space to assist house about 3,000 staff members.

Facebook opened a little, seven-person workplace in Austin 2010, turning into one of the very first significant U.S. tech companies to open an office in the market. The brand-new lease with TIER REIT will develop its fourth significant area in Austin, with a major presence in north Austin and downtown.

Facebook currently inhabits a little more than 100,000 square feet at another structure in the expanding Domain complex located in north Austin in Domain 8 at 11601 Alterra Pky. With its brand-new dedication in Domain 12, Facebook will have more than 420,000 square feet in north Austin.

Meanwhile the firm continues to expand its downtown Austin workplace place also. Last month, Facebook moved into extra workplace the firm rented in downtown Austin, occupying 231,506 square feet in Third + Shoal, at 208 Nueses St. In November, it is preparing to expand into an additional 58,412 square feet in another downtown Austin structure at 300 W. Sixth St., where it will inhabit an overall of 205,188 square feet.

In addition to Facebook, Austin’s tech lineup consists of such other significant players as Google and Undoubtedly, both of which have actually leased hundreds of thousands of square feet of workplace to accommodate their growth.

Also the U.S. Army in July picked Austin for the home of its brand-new Futures Command center, after a months-long search of 150 cities throughout the nation.

Leave a Reply

Your email address will not be published. Required fields are marked *