September has been an eventful month – with a long-awaited change in season, the beginnings of countless thrilling fall events, and the highly-anticipated news of the soon-to-be tallest tower in Texas, Waterline Tower. While construction began on this project in mid-June of this year, its completion is not anticipated for three to four more years. 

Upon completion, the 74-story skyscraper will surpass the state’s tallest building record of 1,002 feet, currently held by the JPMorgan Chase Tower in Houston. The Waterline Tower will be co-developed by two companies operating out of Texas, Lincoln Property Co. and Kairoi Residential LLC.

The Space Inside The Waterline

While a large portion of the retail space on the first two floors remains unclaimed due to the longer timeline of this project, the following 13 floors have already been booked with 1 Hotel Austin, a luxury hotel featuring a ballroom and rooftop pool.

The next 27 stories will contain roughly 700,000 square feet of office space. Spectacularly, this office space will only take up one-third of Waterline’s entire height. To further entice the Austin workforce, the office space will be created with large corporations and smaller technology companies alike in mind. 

Lincoln Property Co.’s Seth Johnston remarked “In Austin, Texas, you don’t go only corporate or only tech…Big corporations and tech companies intermingle every day, so what we tried to design is a building that can suit both and be as flexible as possible.”

Residing above the impressive office space will be 33 floors consisting of 352 luxury apartments, with many details still to be determined.

What This Means For Austin

Downtown Austin has been booming, drawing attention from across the country. Now, with not only a new record-setting skyscraper but with additional office, retail, and residential space, the Waterline Tower will be an incredible contribution to the city. 

Katie Keenan, CEO of Blackstone Mortgage Trust, who provided the construction loan for this property, commented on the mission of the Waterline Tower: “We continue to see strong demand for new, best-in-class residential, office and hospitality assets in high growth markets like Austin and are excited to support this trophy, mixed use development that will make a meaningful contribution to the community as well as the Austin skyline.”

As we learn more about this fascinating development, feel free to reach out. I always welcome discussions about this incredible community and what the future holds for us. 

One of Austin’s most prominent tech giants is making a move. That’s right! IBM has recently filed for new office space in Austin. With two offices already situated near The Domain, often fondly referred to as Austin’s second downtown, IBM seems to be on the move to expand. First arriving in our lovely capital over fifty years ago, the renowned company quickly established its presence in Austin and has stayed ever since.

IBM’s Vice President of Enterprise Operations and Services, Joanne Wright, reported that IBM would consolidate this upcoming space with its two already-established offices into a cohesive hub of operations in the city. “We can see an opportunity to bring our systems team, our software team, our marketing teams — all teams that support IBM in the Austin city limits — together in one single team.”

Developments In The Domain

With The Domain poised as the nesting ground of even more IBM developments, residents can expect a boom in the surrounding areas. One of IBM’s landlords near The Domain, Brandywine Realty Trust, has extensive plans for the site. The Broadmoor office campus – which currently houses IBM – is one of many buildings owned by Brandywine, and they have big plans for the area. Refreshed buildings are on the horizon for Broadmoor, along with an expansion of Brandywine’s well-known Uptown ATX. 

Stonelake Capital Partners, IBM’s other landlord in the Austin area, has also been at the core of various developments in The Domain. With plans to upscale the area, Stonelake has been making continuous improvements. One of their recent developments, A Domain office tower, has gone on to attract yet another tech titan, Paypal, to the area.

Looking Forward

Because of these upcoming developments, competition for office space in The Domain has been high. Many companies look to Austin’s second downtown as a prime location to place their roots, further establishing The Domain as a hub of technology and innovation. 

These improvements and developments to the area can mean great things for the surrounding neighborhoods, attracting new businesses and creating a thriving environment. As always, don’t hesitate to reach out with any questions or curiosities about upcoming developments coming to the area.