Austin’s Biggest Office Leases of 2024

2 January 2025

Austin’s biggest leases of the year absorbed more than 1.25 million square feet of office space, and almost half of it was at The Domain.

The 300-acre mixed-use behemoth in northwest Austin drew leases from IBM, PayPal and Wise PLC in 2024, making it a bright spot in the city’s troubled office market.

Office vacancy jumped from 19 percent to 24.3 percent from the third quarter of 2023 to a year later, according to a report from Partners Real Estate. That’s in part because deliveries flooded the market this year; as a result of the glut of empty space, the pipeline is clearing.

Here are the biggest office leases of the year, using data from Newmark.

IBM | 11800 Alterra Parkway | 320,000 square feet

IBM is taking over Meta’s full-building lease at The Domain. It will move into the 320,000-square-foot property at the beginning of 2026; it also extended the terms of the lease, so that it matures in 2040, instead of 2031.

Domain 12 building stands 17 stories and was delivered in 2020. IBM’s landlord will be Atlanta-based Cousins Properties.

Visa | 12301 Research Boulevard | 177,000 square feet

Visa renewed its 177,000-square-foot lease at 12301 Research Boulevard in northwest Austin. The four-story building owned by Cousins Properties was constructed in 2015. It’s less than 4 miles from The Domain.

IBM | 11501 Burnet Road | 144,000 square feet

In addition to assuming Meta’s space at The Domain, IBM inked a deal to stay at Uptown ATX, formerly known as Broadmoor, the 66-acre campus that was developed for the tech giant in 1991. IBM is leasing 144,000 square feet, according to Newmark.

Pennsylvania-based Brandywine Realty Trust purchased the property it once co-owned with IBM in 2016, acquiring the tech giant’s ownership for $92.6 million.

Tokyo Electron America | 2400 Grove Boulevard | 134,000 square feet

The city of Austin bought the 107-acre campus of Tokyo Electron America in southeast Austin for $87 million after the company put the property on the market in 2023. The price includes $27 million in Project Connect Anti-Displacement Funds, which target areas near transit hubs. The city plans to develop affordable housing on the site.

Austin leased back 134,000 square feet to Tokyo Electron for one year while the company relocates to RiverSouth Austin.

Colorado River Constructors | 7748 Highway 290 West | 100,000 square feet

Colorado River Constructors is leasing 100,000 square feet at Austin Community College’s Pinnacle Campus, according to Newmark. The design-build contractor is a joint venture between engineering company Fluor Corporation and a subsidiary of Balfour Beatty. The partnership is TxDOT’s contractor for Oak Hill Parkway, a $670 million road project in southwest Austin.

Action Behavior Centers | 6300 Bee Cave Road | 93,000 square feet

The therapy provider for children with autism inked a deal for 93,000 square feet at Dimensional Place, according to Newmark. The two-building office park in West Lake Hills was built in 2008. It’s owned by Cousins Properties.

PayPal | 10025 Alterra Parkway | 91,000 square feet

PayPal expanded its lease at the Domain, signing a deal for 91,000 square feet more. The online payments giant now occupies almost 152,000 square feet at Domain Tower — almost half of the building’s rentable space.

The expansion brought the tower, which is owned by Stonelake Capital Partners, to 75 percent occupancy. Its tenants also include Samsung and Shiftkey, a healthcare staffing firm.

Vista Equity Partners | 401 Congress Avenue | 73,000 square feet

Though it signed a 200,000-square-foot lease at upcoming office building The Republic, Vista Equity Partners reupped its lease at Frost Bank Tower, according to Newmark. Vista occupies 73,000 square feet at the property owned by Lionstone Investments.

Frost Bank Tower could run into trouble in the next few years when both Vista and law firm Kirkland & Ellis jump ship for The Republic, a project from Lincoln Property Company and DevCo that’s expected to be delivered in 2026. The two firms will leave behind a 147,000-square-foot hole at the Congress Avenue tower.

Wise PLC | 10025 Alterra Parkway | 61,000 square feet

Wise PLC became neighbors with PayPal when it took almost 61,000 square feet at Domain Tower 2. The space on the 16th and 17th floors will serve as the London-based financial services firm’s U.S. headquarters.

U.S. Money Reserve | 8701 FM 2244 | 60,000 square feet

Barton Creek office park Seven Oaks is now the home of the U.S. Money Reserve, according to Newmark. The gold company leased just under 60,000 square feet at Seven Oaks East. The property, a project from Riverside Resources, was delivered in 2020. Seven Oaks East is fully leased, according to brokerage ECR.