AMD Sells Austin Campus

Semiconductor maker AMD announced Tuesday that it has entered into a deal to sell its Southwest Parkway campus in Austin, to a real estate investment company, Spear Street Capital. According to AMD, the deal will generate approximately $164M for the company. AMD--which will continue to remain in the location under a new, 12-year lease--said the deal was part of its strategy to reduce its investments and capital in no-core parts of its business. AMD said it's also looking for a buyer of its Building 3 property on East Ben White Boulevard, which is currently empty. AMD has been looking to sell of its real estate since hitting hard times last year on a slowdown in PC chip sales. AMD has been in Austin since 1979. AMD said the lease reflects a "long term commitment" to the city.