ArthroCare is expanding in Austin. Having moved its headquarters from Sunnyvale, California in 2004, it has recently signed a lease that will more than triple their square footage here. The new lease is for more than 136,000 square feet of space in the Lantana Corporate Center near the intersection of William Cannon Drive and Southwest Parkway. They will be taking over both buildings in the complex which had been vacant for the past two years.
The lease is for 130 months and marks the largest lease in at least a year in the Austin area, according to the story in the Austin American-Statesman. While no specific job numbers have been announced, representatives from ArthroCare have indicated that hiring will occur. More details have been promised when the company files its next quarterly report in May. The company is publicly traded, so announcements must undergo the proper procedures, according to SEC rules.
According to their website, ArthroCare creates specialty medical devices that are already in use in the medical field.
ArthroCare is a highly innovative, multi-business medical device company that develops, manufactures and markets products based on our internationally patented Coblation technology. This platform technology precisely dissolves target tissue and minimizes damage to surrounding, healthy tissue.
The result? Coblation technology has improved many existing surgical procedures and enables new minimally invasive procedures. Our devices have been used in millions of cases worldwide across several medical specialties including arthroscopy; spine and neurology; ear, nose and throat; cosmetic; urology; gynecology; and laparoscopy/general surgery.
Encouraging news in the commercial leasing arena and job market helps the residential real estate market in Austin as well. Mark Sprague, Director of Business Development for Mission Mortgage, has stated previously that for every 2 jobs created, 1 new housing start should occur. That balance is key in ensuring that new home construction stays within the limits of demand. As we learn more about the number and type of jobs that ArthroCare will bring on, we will have a better idea of the impact they will have on our local housing market.