Two California heavyweights are growing in Austin.
Qualcomm, the semiconductor and software giant, filed plans to outfit new offices at Parmer 4.1, a 188,000-square-foot development owned by Alexandria Real Estate Equities. The building is part of the 300-acre, master-planned Parmer community being developed by Karlin Real Estate, CBRE and Trammell Crow.
Work is expected to begin in December and last one month, according to the project filing. Alexandria expects the job to cost $17.5 million and span 90,000 square feet.
Alexandria acquired Parmer 4.1 in January, property records show. No purchase price was disclosed, but the land was most recently appraised to be worth $98,529,600.
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Both companies have deep ties to California. Qualcomm is headquartered in San Diego, where it held the naming rights to the Chargers stadium until the team moved to Los Angeles. Alexandria owns clusters of life science real estate across the country, but it is headquartered in Pasadena and its first properties were in San Diego.
Alexandria has been beefing up its presence in Texas. The firm acquired nine properties in the state in the first nine months of 2022, more than in any of its other regions. It spent $400 million on the acquisitions, filings show. All told, the REIT owns 14 properties in Texas, just four percent of its overall square footage but a growing segment nonetheless.
Last week, Alexandria purchased a downtown Austin development site for $108 million. Around the same time, the REIT backed out of a planned partnership with Prologis in San Francisco, citing the area’s “deteriorated” economic environment in filings.