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Intel Looks to Recoup $15M Stake in 435,000-SF Tower Shell

AUSTIN-The guessing game ends as Intel officials fess up to Austin's mayor that its skeleton 10-story CBD office building is up for sale. The decision, though disappointing, at least means the shell will be actively marketed.

By Tim Green | Updated on April 17, 2002

AUSTIN-Intel Corp. answered one question yesterday when it said it would sell rather than develop its downtown Austin property. That brings up two more questions: Who’s going to buy it? And when?

What’s for sale is the skeleton of what is to be a 10-story, 435,000-sf office tower at Fifth and San Antonio streets. Intel, based in Santa Clara, CA, had intended to house a chip design center in the building. It stopped work more than a year ago when the technology sector slowed down. The company has been weighing its need for the building and concluded it won’t need it until 2004 or 2005, Jeanne Forbis, an Intel spokeswoman, tells GlobeSt.com.

Intel came to downtown Austin as part of the city’s Smart Growth program. It received incentives such as tax abatements for locating in the CBD and was scheduled for other incentives based on employment levels.

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