Council to consider $87M purchase of 107 acres in East Austin

The city is set to move forward with the $87 million purchase of 107 acres of East Austin property that formerly served as the North American headquarters for Tokyo Electron Ltd. The purchase, which is on the agenda for Thursday’s City Council meeting, would allow the city to convert two existing buildings to a technology and emergency communications center, along with providing space for future city offices. Austin Business Journal reports Tokyo Electron wants the option to lease back the two buildings until the end of this year, with possible month-to-month extensions through next May. The company moved its HQ to a space in a downtown tower south of Lady Bird Lake, with plans to secure another 140,000 square feet in the Austin area.