Cousins Properties To Develop 300 Colorado In Downtown Austin With Riverside Resources And Ironwood Real Estate
ATLANTA, Jan. 9, 2018 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today it has formed a joint venture with Riverside Resources and Ironwood Real Estate to develop 300 Colorado, a 309,000 square-foot office tower in Downtown Austin. Cousins will have a 50 percent ownership interest in this joint venture.
Located across the street from Cousins' Colorado Tower, 300 Colorado is 100 percent pre-leased. Parsley Energy Inc., an independent oil and natural gas company and a current customer of Cousins has signed a 12-year, 302,000 square foot lease, and Del Frisco's, an award winning American steakhouse, has signed a 10-year, 7,000 square foot lease.
"We are very excited to have the opportunity to expand our relationship with Parsley Energy in Austin," said Larry Gellerstedt, Chairman and Chief Executive Officer of Cousins Properties. "I am proud of our Austin team, who along with our partners, worked tirelessly to create an attractive solution for a loyal customer who required additional space."
Cousins began its relationship with Parsley Energy in 2014 when Parsley Energy moved its headquarters from Midland, TX to Colorado Tower in Austin. Since that time, Parsley Energy's space needs have accelerated beyond the 135,000 square feet it currently occupies at a fully-leased Colorado Tower. In addition to signing a new lease at 300 Colorado, Parsley Energy will continue operations in its current space at Colorado Tower.
"Cousins has developed some of the premier office properties in Austin and this building will be no exception," said Bryan Sheffield, Chairman and Chief Executive Officer of Parsley Energy. "In addition to the quality of their properties, Cousins has demonstrated a commitment to meeting our business needs and helping facilitate our rapid growth. Parsley Energy is excited to expand our partnership."
Cousins and its joint venture partners anticipate starting construction on 300 Colorado in December of 2018 with delivery targeted for December of 2020. Total development cost is anticipated to be approximately $175 million.
300 Colorado will be developed on a site previously acquired by Ironwood Real Estate in 2006. Ironwood Real Estate, in partnership with Riverside Resources, originally planned to build an upscale residential tower on the site before partnering with Cousins to develop 300 Colorado.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class-A office towers located in high growth Sunbelt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. 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.
About Riverside Resources
Riverside Resources is rooted in Austin, Texas and focuses on opportunistic investments across diverse product types. Riverside Resources has expertise in development, investment, leasing, and management and has consistently executed upon exceptional real estate opportunities in the Central Texas area.
About Ironwood Real Estate
Ironwood Real Estate is a commercial real estate investment firm which focuses on the acquisition and development of properties throughout Texas. Through its Ironwood affiliates, the firm provides full-service solutions for its properties, its investors, and its third-party clients. In total, Ironwood either owns, leases, or manages 2 million square feet of improved commercial properties in Texas.
About Parsley Energy, Inc.
Parsley Energy, Inc. is an independent oil and natural gas company focused on the acquisition and development of unconventional oil and natural gas reserves in the Permian Basin in West Texas. For more information, visit our website at www.parsleyenergy.com.
Cousins Properties Media Contact:
Vice President, Investor Relations
Riverside Resources Media Contact:
Mary Alice Kaspar
Principal, Columbus Communications
Ironwood Real Estate Media Contact:
SOURCE Cousins Properties