PayPal Holdings will consolidate its Austin operations into one office by spring 2023, moving 500 workers into the top two floors of the newly built Domain Tower 2.
The electronic-payments giant first signaled its plans in July, eying the 23rd and 24th floors of the building, the Austin Business Journal reports. Now, the company says it has inked a 10-year lease in the building, developed by Stonelake Capital Partners.
PayPal — based in San Jose, California — will be the latest addition to The Domain, a mixed-use development in northwest Austin and the first officially announced tenant of Domain Tower 2. Though a fairly new neighborhood, the 300-acre office, retail, and residential center is currently vying for the title of Austin’s second downtown. Stonelake has added multiple towers to the south end of The Domain, including The Bowen, a 19-story apartment high-rise next to Domain Tower 2.
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PayPal’s buildout of the 60,000-square-feet office — about 20 percent of the building’s leasable space — is expected to cost $8 million, according to the ABJ. Meghan Gage, a communications manager for PayPal, said the company will move all of its Austin operations into the new space from its current location at 7700 West Parmer Lane.
By leaving 7700 West Parmer Park, PayPal is moving away from fellow tenants Google, eBay, Deloitte, Electronic Arts and Polycom. Apple’s $1 billion Austin campus is also less than a mile from the site.
Had PayPal stayed, however, their operations would have been smack in the middle of the construction of the upcoming 7700 Parmer office park. That ambitious project, which includes retail, hotel and multifamily developments, is set to start construction in 2024.
— Maddy Sperling