Apr 5, 2017
Topping out, construction news for Schwab’s $100M-plus campus
AUSTIN – Charles Schwab is building its new 469,000-sf Austin hub at 2309 Gracy Farms Lane. An existing office building has been refurbished while new construction continues.With one building completely renovated and...
AUSTIN – Charles Schwab is building its new 469,000-sf Austin hub at 2309 Gracy Farms Lane. An existing office building has been refurbished while new construction continues.
With one building completely renovated and more structures under construction, the area east of The Domain in North Austin will eventually have 469,000 sf of office and amenity space.
The Schwab already has about 600 employees working on the site, with plans to move all of its 1,600 workers in Austin there next year, according to Community Impact.
To establish this new hub, Charles Schwab bought the roughly 50-acre parcel from IBM Corp. in 2014.
That purchase included the former headquarters of Tivoli Systems Inc., which Charles Schwab has already repurposed into a five-story office building with 187,000 sf.
The second office building, which will be about 185,000 sf, is still under construction and recently topped out. A third building, an 80,000-sf amenity center, will have a variety of features.
The company has disclosed $112.5 million in upfront investment: $86 million in new construction and $26.5 million to refurbish the Tivoli building plus a parking garage, according to state filings.
TDLR’s website reports construction value for the office structure at $56.2 million; $29 million for the amenity center; and the parking structure at $12 million.
In exchange for tax incentives from Travis County, Charles Schwab agreed to invest $196.7 million locally, maintain 1,683 jobs and create 823 new jobs.
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