AUSTIN – (Realty News Report) – Facebook’s parent company, Meta Platforms, has leased 589,000 SF of office space in the new Sixth and Guadalupe building under construction in downtown Austin.
Meta Platforms, the new name for the Facebook company, will occupy 33 floors in the new tower, which will also have 349 residential units.
Sixth and Guadalupe is being developed by Lincoln Property Company and San Antonio-based Kairoi Residential. The 66-story building, which will be the tallest tower in Austin, is expected to open in 2023.
Andrew Smith and Seth Johnson of Lincoln Property Co. handle office leasing for the developer.
The skyline in downtown Austin is dotted with a number of construction cranes.
The Facebook Meta tower is about five blocks from the new 814,000-SF office building that’s been fully leased by Google. The 35-story Google building, 601 W. 2ndStreet, is being developed by Trammell Crow and Michael Dell’s MSD Capital.
“Construction levels in Austin are among the highest in the nation according to CoStar,” NAI Partners said in a recent report, which noted about 6 million SF is is under construction in Austin. “There is 3.7 million SF of proposed projects that have been announced, although they have not broken ground yet. The amount of construction underway and in the pipeline is easily understandable as the Austin office market has been one of the most dynamic in the country.”
Austin, the state capital, has been a magnet for relocations from California’s higher taxes and more restrictive regulatory environment, Texas officials say.
Tesla is moving its headquarters from Palo Alto, California, to Austin. Also, Tesla is building a $1.1 billion vehicle manufacturing plant in east Austin where some 5,000 people will be employed.
Lincoln Property Co. and Kairoi started construction on the Sixth and Guadalupe tower in 2019.
Gensler designed the building, which has floor plates of 30,150 SF to 31,115 SF on the office level floors.
The building will have 589,661-SF of office space, 14,455 SF of retail space, plus the apartments. Facebook is expected to move into the new building in the first quarter of 2024. The California-based firm currently occupies a total of 1.5 million SF in Austin in downtown Austin and in the Domain development in North Austin. Facebook is expected to retain its existing office space and will probably add-on the Sixth and Guadalupe building as an expansion, the Austin American-Statesman reported.
The site is about four blocks west of Congress Avenue, just north of the Colorado River, which is also known as Lady Bird Lake.
The Meta tower will be 845 feet in height, surpassing the 645-foot Independent, a 58-story residential tower on West Avenue, according to a report by Shonda Novak of the Austin American Statesman.
The residential partner in the tower, Kairoi Residential, was formerly known as Lynd Development.
Jan. 10, 2022 Realty News Report Copyright 2022
Photo: Sixth and Guadalupe under construction in September, 2021. Photo credit: Ralph Bivins of Realty News Report, copyright 2022.
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File: Facebook Parent Leases 33 Floors
File: Austin. Lincoln Property Co. Facebook Parent Leases 33 Floors at Sixth and Guadalupe. Meta Platforms. Kairoi Residential. Lynd Development.