Cousins Properties to Begin Construction of Class-A Office Development in Austin, Texas
AUSTIN — (October 16, 2014) — 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.
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.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.