Uptown ATX: IBM is leaving, Nvidia is moving in, and the plan just shifted
Brandywine is renovating 500,000 sq ft of IBM buildings instead of demolishing them. Solaris House is 99% leased. One Uptown has Nvidia and Axonius. The 66-acre project across from The Domain is adapting to a softer market.
Brandywine is retooling the plan. Renovate now, demolish later, lease in between.
The original vision was to demolish IBM's old buildings and replace them with high-rises. The softened office market changed that math.
Mixed-use master plan along Burnet Road, directly across from The Domain. Office, retail, residential, hospitality.
Buildings 902, 904, 906. Originally slated for demolition. Renovations targeted for early 2027.
341-unit multifamily building hit stabilization. 64% renewal rate. 8% rent increases on renewals.
Brandywine Realty Trust confirmed during its October 2025 earnings call that IBM will leave the campus in Q2 and Q3 of 2027. Rather than demolishing IBM's buildings and replacing them with high-rises, Brandywine will renovate three buildings (902, 904, 906) totaling roughly 500,000 square feet.
The strategy is practical: deliver renovated office space at a discount to new construction rents ($42.23/sq ft in North Austin vs. $64.29/sq ft downtown), fill the buildings with tenants, and preserve the option to demolish and rebuild later when the market supports it. Renovations focus on new facades and mechanical systems.
Meanwhile, the completed parts of Uptown ATX are performing. One Uptown (348,000 sq ft office) has Nvidia and cybersecurity company Axonius as anchor tenants with roughly 109,000 sq ft leased combined. Brandywine is in advanced negotiations for another 75,000 sq ft that would take the building to 55-60% leased. Solaris House (341 units multifamily) hit 99% leased and is now pushing 8% rent increases on renewals with limited concessions.
This page summarizes and adds housing market context to original reporting by Cody Baird at the Austin Business Journal (October 27, 2025). Read the full story at ABJ →
How does Uptown ATX affect your situation?
Three situations. Three different reads.
A 66-acre mixed-use project adapting to the market affects homeowners, buyers, and renters in the Domain corridor differently.
Uptown ATX is the single largest development shaping North Austin's future. A 66-acre mixed-use project with Nvidia as an anchor tenant directly across from The Domain creates a different kind of neighborhood than what existed when IBM was the anchor. Nvidia is a $4T+ company. That is a fundamentally different demand signal.
- IBM leaving is not a negative for your home value. Nvidia replacing IBM as the marquee tenant is a net upgrade for the corridor's employment base and prestige.
- The renovation pivot signals patience, not retreat. The 66-acre buildout will happen. The phasing just means construction disruption and new supply arrive more gradually.
- 99% occupancy at Solaris House validates residential demand. When a brand-new 341-unit building fills that fast, the demand for living near The Domain is real, not speculative.
- Watch the 500,000 sq ft renovation. If those buildings fill with tenants, it means more daytime workers in the area and more demand for nearby housing and services.
North Austin is becoming a second downtown. Uptown ATX, The Domain, the planned Austin Light Rail alignment, and the concentration of tech employers (Nvidia, Apple, Google, Amazon) are creating a walkable urban node that did not exist five years ago. Buying near this corridor is a bet on that trajectory.
- The renovation strategy creates a longer on-ramp for buyers. The phased approach means the transformation happens over a longer period, and property values in surrounding neighborhoods have more time to appreciate gradually.
- Nvidia as an anchor is a different thesis than IBM. Nvidia is at the center of the AI economy. If Nvidia expands at One Uptown (they have expansion rights), that changes the employment density and income profile of the area.
- The residential comp data from Solaris House is informative. 99% occupancy, 64% renewal rate, 8% rent increases. If you are buying a home in North Austin with rental potential, these numbers tell you what the rental market near The Domain supports.
- Office rent discount matters for neighborhood vibrancy. At $42/sq ft vs. $64/sq ft downtown, Uptown ATX can attract tenants who might otherwise stay in cheaper suburban office parks.
Solaris House hit 99% occupancy within about a year of opening. Brandywine is now pushing 8% rent increases on renewals with limited concessions. The concession-heavy lease-up period is over. If you rent in the Domain corridor, renewal terms are getting tighter.
- The concession window is closing. Now they are getting 8% increases on renewals with few concessions. New luxury multifamily near The Domain will follow a similar pattern.
- More supply is coming, but slowly. The renovation of IBM's buildings is for office, not residential. That means less new apartment supply near The Domain in the near term.
- If you are considering buying instead of renewing, the math may favor it. With 8% annual rent increases becoming the norm in this corridor, the gap between renting and owning narrows. Current buyer advantage (62%) and lower competition make this a window worth evaluating.
- North Austin neighborhoods adjacent to The Domain offer more affordable entry points. North Loop, Crestview, and North Shoal Creek are within a short commute of the Domain corridor but priced below the luxury apartment alternative.
BUYERS Uptown ATX is phasing, not failing. Nvidia replacing IBM as the anchor tenant is an upgrade. The 66-acre buildout will take years, which means surrounding neighborhoods in North Austin still have room to appreciate before the project is fully realized. Buy near the trajectory, not after it arrives.
SELLERS If you own in the Domain corridor, your narrative just got an upgrade. Nvidia, 99% occupancy at Solaris House, and a $3B mixed-use project are all talking points that justify proximity pricing. The phased timeline means these talking points hold for years, not months.
HAUS TAKE