Visa grows tech center in North Austin

Visa Inc. has outpaced projected growth at its Austin technology center.

The credit card company now leases more than twice as much square footage as it did when it entered the market in late 2012, while also more than doubling its initial hiring projections.

Visa (NYSE: V) leases well over 450,000 square feet in buildings one through four at Research Park Plaza in North Austin — tantamount to filling one of downtown Austin's bigger office towers.

In April, Visa leased all of Research Park Plaza Building I — nearly 133,409 square feet, said Richard Paddock, a partner with HPI Real Estate Services & Investments, which represents the landlord. The company will take over the building when Charles Schwab Corp. vacates the building at the end of the year. In 2018, Schwab opened a major corporate campus a few miles away and continues to add to it.

Visa leased all of Research Park Plaza Building II, another 133,107 square feet, in June 2018, Paddock said.

Visa declined to comment on its Austin expansion, but Talent Attraction Director Celinda Appleby said there are 178 job openings here — 168 of them in tech.

One of Austin’s largest tech employers, Visa had 1,736 workers locally when Austin Business Journal last surveyed companies in March, ranking No. 16 in the region. Visa first made the list in 2015 when it had only 600 employees.

Visa announced in late 2012 that it had leased 175,000 square feet at Research Park Plaza Building III at 12301 Research Blvd., according to an Austin American-Statesman report at the time. In exchange for about $9.5 million in city and state incentives, the company said it would spend $27.2 million on renovating and equipping the building and employ at least 794 workers by 2017.

Visa submitted plans earlier this year to the city of Austin Development Services Department to renovate all four floors of Research Park Plaza II. The company also recently installed a sign on the exterior of the building. In addition, Visa has submitted plans to renovate at least the fourth floor of Research Park Plaza IV.

Research Park Plaza I and II at 12401 Research Blvd. are for sale and listed with Eastdil Secured. HPI Real Estate Services & Investments represents the owner, San Francisco-based Spear Street Capital.

Travis Central Appraisal District values Buildings I and II at $84.1 million for tax purposes, which is often below market value.

Research Park Plaza is located along one of Austin's main tech corridors — a short drive from Riata Corporate Park, where NetSuite, Accenture and now Apple Inc. lease space. It's also close to Apple's larger Americas Operations Center on Parmer Lane.

This story has been update with additional information about current job openings in Austin.