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| Larry Gellerstedt |
AUSTIN, Texas -- Cousins Properties Incorporated (NYSE: CUZ)
announced today its plans to commence construction on Research Park V in
Austin, Texas. The 173,000 square-foot office development is the last building
in a five-building complex which Cousins has developed.
"We have a long, successful history in Austin and are
very excited about the opportunity to bring new Class-A product to the rapidly
tightening Northwest Austin submarket," said Larry Gellerstedt,
President and Chief Executive Officer of Cousins.
"With Class-A occupancy over 90% and a significant
number of companies currently looking for space in the Northwest submarket, we
believe we are well positioned for success."
As part of an established office complex, Research Park V
will benefit from an existing amenity base along with proximity to employee
housing, restaurants and retail, as well as excellent visibility and access to
major highways.
The development is
projected to start prior to year-end 2014 and to be completed in fourth quarter
2015. Cousins anticipates total development cost for Research Park V to be
approximately $44 million.
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| Research Park Plaza, Austin TX |
Cousins has played a prominent role in the Austin real
estate market for over 20 years, with a list of notable development projects
including Colorado Tower, Frost Bank Tower, and Palisades West.
For a complete copy of the company’s news release, please
contact:
Cousins Properties Incorporated
Tim Hendricks, 512-477-3434
Senior Vice President
or
Marli Quesinberry, 404-407-1898
Director, Investor Relations
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