North - Northwest Austin Edition | October 2024

Real estate

BY GRACE DICKENS

IBM overtakes Meta’s oce space

Project to restore Old Lampasas Dam kicks o in October

Stay tuned

Meta’s footprint in Austin has been shrinking for the past few years, as the company seeks to sublease the 600,000-square-foot building at Sixth and Guadalupe it committed to in 2021. IBM will assume control of The Domain lease Jan. 1, 2026, after which IBM employees will make the transition to the new space, per the IBM statement.

In 2026, IBM will take over 320,000 square feet of oce space in The Domain currently occupied by Facebook’s parent company, Meta, IBM ocials conrmed Sept. 5. This move from IBM comes after the company terminated a lease agreement with OneTerra, a 507,000-square-foot oce development in Domain Northside once intended to become the new Austin hub for IBM employees. OneTerra is a project planned by Hines, a global real estate and property manager. IBM was slated as an anchor tenant for the development in June 2023, but following the lease termination, IBM ocials conrmed Hines is in active conversations with other potential tenants. “Hines and IBM maintain a strong, positive relationship and look forward to continuing our work on other strategic partnerships, both now and in the future,” IBM ocials

After being damaged by a tropical storm more than 15 years ago, repairs are set to begin on Old Lampasas Dam in the Spicewood Springs area Oct. 21, after press time. The $14.9 million project will modernize the dam to reduce the risk of downstream ooding, help prevent dam erosion, improve Bull Creek water quality downstream and maintain habitat for the Jollyville Plateau salamander. Improvements include replacing the damaged outlet pipe, modifying the embankment, installing new early warning systems for oods, improving the spillway and relocating a wastewater line, according to the Austin’s Capital Delivery Services Department project webpage. What to expect Parts of the trail will be closed during construc- tion, including the former maintenance drive portion on the west side of the dam, said Andrés Cantú, CDS marketing supervisor, in an email.

UPPER BULL CREEK GREENBELT TRL.

Old Lampasas Dam

MOPAC

GAULT LN.

SCOTLAND WELL DR.

IBM oce space

LOCKLEVEN LOOP

GARAGE ACCESS RD.

SPICEWOOD SPRINGS RD.

The $14.9 million project will modernize the dam to reduce the risk of downstream ooding.

“Austin is an extraordinary ... center of talent innovation, and IBM remains committed to investing in new experiences for our clients and employees in this market.” IBM OFFICIALS SAID IN A STATEMENT

A S

RENDERING COURTESY AUSTIN CAPITAL DELIVERY SERVICES DEPARTMENT

Next steps The project is expected to begin Oct. 21 and last 18 months, according to Cantú and a Sept. 17 presen- tation from Austin’s CDS department. Community members are encouraged to sign up at www.bit.ly/3UkcTHk to receive project updates.

Although work hours are from 7 a.m.-7 p.m., lane closures will only be permitted from 9 a.m.-3 p.m. on weekdays, and neighborhoods will be notied in advance of any weekend work, Cantú said. A mes- sage board and speed trailer will also be stationed along Spicewood Springs Road to provide updates on construction activities.

said in a statement. While the OneTerra space didn’t pan out, an additional lease from IBM for 50,000 square feet was announced in January of this year for Parmer Impact Labs, located in Parmer Austin.

HYMEADOW 12611 Hymeadow (512) 506-8401

NORTH 620 10601 N FM 620 (512) 506-8316

ARBORETUM 10515 North Mopac Expressway (512) 342-6893