IBM Expands Austin Operations With 50,000-Square-Foot Lab Lease At Parmer Impact Labs
13011 Mccallen Pass
Building Size
50,000 SF
Asset Type
Office
Closing
Jan 10, 2024
AI
The property involved in this lease transaction is an office space with a total area of 50,000 square feet. It is located at 13011 Mccallen Pass in Austin.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not available
- Market: Austin
- Landlord: Matthew Schwab - Karlin Real Estate
- Tenant: Arvind Krishna - IBM
- Brokers: CBRE & Cushman & Wakefield
Arvind Krishna, the CEO of IBM, has signed a lease agreement for a lab space within the Parmer Impact Labs in Austin. The new facility, which spans 50,000 square feet, will be dedicated to IBM's hybrid cloud and AI software development. This move is part of IBM's ongoing real estate strategy in the region and demonstrates their commitment to expanding their operations in Austin.
Players
Austin Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93