Austin Business Journal 08JAN2022|CRANE WATCH|COMMERCIAL REAL ESTATE|"Meta leases up all office space in Austin's tallest tower in historic deal". "Facebook parent co. looking to hire hundreds, will keep other downtown offices." by Parimal M. Rohit
Meta has leased and will occupy the first 33 floors, 589,000 square feet of office, of what will be the tallest tower, 875 feet, in Austin when completed in 2023 at 400 W. Sixth Street. The upper 33 floors will consist of 349 residential units. Photograph source sixthandguadalupe.com
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Summary by 2244
According to Katherine Shappley, (VP and head of Meta's Austin office), "'We first came to Austin over 10 years ago with just seven employees, now over 2,000 of us are proud to call Austin home.'" Meta will eventually add 400 more people in Austin and currently rank as the 25th largest "private-sector employer" in Austin. The deal is "the largest single office lease ever in downtown Austin."
At a time when rumors have demand for commercial real estate shrinking by as much as 30% nationwide, due to the increase in work from home initiated during the COVID pandemic, this news "points toward renewed optimism by large tech employers about the return to office." Meta intends to "re-open its U.S. offices at the end of January" with some provision for workers to defer until June.
Meta will retain its other Austin office spaces which includes space at; 300 Sixth, Third & Shoal, and all the "office space in the 17-story Domain 12 tower."
Meta (FB) has a market capitalization of $902 billion and "is one of the most valuable technology companies in the world" this despite various controversies regarding "its size and what some critics call an unsafe platform."
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