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Area by the Domain adds 19-story office tower

Rendering of Kilroy's 19-story tower by the Domain. (Kilroy Realty Corp.)

One of the tallest towers in northwest Austin may soon sit just a block from the Domain.

California-based real estate investment firm Kilroy Realty Corp. bought a 2.9-acre site at Braker Lane and Burnet Road for $40 million. It is planning for a 19-story office tower that will be one of the tallest in the area.

A shareholder presentation notes the company expects to start construction mid-year 2022. The building will include nine floors of office space, ground floor retail space and outdoor terraces. Plus 12 floors of parking, with three underground.

The company called the Domain one of Austin’s most coveted locations for companies, and joins a host of others in or near the shopping center, including Meta, Indeed and Expedia. Plus, Amazon with its expansion set to add more than 2,000 jobs in the coming years.

Kilroy celebrated how the tower, which is scheduled to be completed in 2024, will get the company to ownership of about 1.2 million square feet in Austin.

“We are thrilled to make another off-market acquisition in Austin and bring a world-class development to the Domain,” CEO John Kilroy said.

The company also boasted nearby amenities like the Q2 Austin FC stadium, the mall and the future McKalla light rail stop that will connect Northwest Austin through Downtown.

Kilroy had previously bought the tallest downtown office tower, the Indeed Tower on West 6th Street, for $580 million.

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With deposition and trial looming, Elon Musk has offered $44B for Twitter, again

Elon Musk has proposed once again to buy Twitter for $54.20 a share.

The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.

The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.

While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.

The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.

After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.

With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.

He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.

Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.

Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.

Austin rents nearly double in a year and are now in the top 5 nationwide

While searching for a place to live, Austin renters will face monthly rates of nearly $3,000, a recent guide from rental marketplace Dwellsy shows.

The median rent in August this year was $2,930, a more than 86% increase since August 2021. That’s $820 more than the nationwide median asking rent in August and puts Austin just below the Bay Area, Boston and New York for large cities with the most expensive asking rent.

“Within this group, Austin, TX stands out for the highest increases in asking rent, which has nearly doubled since this time last year,” the study notes.

Outside of those large cities, however, others are seeing even higher rent spikes. Metro areas that ranked above Austin in one-year increases include those like Kansas City, MO with a 112% change in rent since last August and Tucson, AZ with a 124% change.

The data reflects large apartment communities, single-family homes and 2-6 unit buildings.