AUSTIN – Oracle Corp. has purchased 27 acres adjacent to Lady Bird Lake, just east of downtown Austin, where it will develop a corporate campus for thousands of its employees.
California-based Oracle, one of largest software companies in the world, will build more than 560,000 square feet of office space on the site, which is east of Interstate 35 and south of Lakeshore Boulevard.
“Austin was a natural choice for Oracle to invest and grow,” said Scott Armour, Senior Vice President, Oracle Direct. “We already have a high-performing employee base in the region, and the surrounding technology community is teeming with creative and innovative thinkers. Our state-of-the-art campus will be designed to inspire, support and attract top talent – with a special focus on the needs of millennials.”
As part of the deal, Oracle also bought the 295-unit Azul Lakeshore apartment community to provide opportunities for employee housing and to “support a work-life balance,” Oracle said in a press release.
Austin’s housing, while it has become more expensive in recent years, is still more affordable than housing in California and Silicon Valley.
Austin is seeing significant high-tech employment growth with Facebook, Apple and Google all hiring large numbers of employees. Of course, Austin has a long legacy of high-tech growth. Michael Dell created his computer company in his dorm room on the University of Texas campus.
“We’re positioning the State of Texas to become a home for innovation and technology,” Texas Gov. Greg Abbott said in a press release. “As Governor, I will continue to pursue policies that invite the expansion and relocation of tech companies to Texas.”
The Oracle site, located west of Pleasant Valley Road, was purchased on Tuesday from Cypress Real Estate Advisors.
Ryan Cos., a Minneapolis-based developer, will develop the Oracle campus, reports Shonda Novak of the Austin American-Statesman.
“With this significant investment, Oracle demonstrates that it believes in Austin and its future, and it’s serious about creating fantastic job opportunities in our community,” said Austin Mayor Steve Adler. “I look forward to working with major employers like Oracle to tackle our biggest challenges, including mobility and affordability.”
By Ralph Bivins, Editor, Realty News Report
Dec 23, 2015