816 Congress Avenue, 434,000-square-foot, Class-A office building
Downtown Austin, TX
 |
| Larry Gellerstedt |
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has
acquired 816 Congress Avenue, a 434,000-square-foot, Class-A office
building located in Downtown Austin, Texas.
The Company purchased the office tower for a net purchase
price of $102.4 million, which equates to $236 per square foot. The acquisition
was funded with cash proceeds from Cousins’ recent follow-on stock offering.
“This represents another attractive acquisition for Cousins
as we continue to target quality urban office assets in the best southeastern
submarkets at valuations below replacement cost,” said Larry Gellerstedt,
President and Chief Executive Officer of Cousins. “We have a long, successful
history in Austin and are very excited about the opportunity to create value at
816 Congress Avenue.”
 |
| Texas State Capitol |
Cousins has played a prominent role in the Austin real
estate market for over 20 years, with a list of notable projects including
Frost Bank Tower and Palisades West.
816 Congress Avenue is currently 78 percent leased to a
diverse tenant base, including Teachers Retirement System of Texas, Lloyd
Gosselink, and AT&T Services. With overall office occupancy in the Austin
CBD submarket at 89 percent, the building is well positioned for future occupancy
growth.
Cousins intends to utilize its market expertise and strong
local relationships to drive new leasing momentum. The Company also plans on
leveraging 816 Congress’ attractive location and recent capital improvements,
which include a 12,000-square-foot terrace on the 15th floor with unobstructed
views of the Texas Capitol Building. The building also offers a top
quality fitness facility and state-of-the-art conference center.
For a complete copy of the company’s news release, please
contact:
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate
Communications
No comments:
Post a Comment