Cousins Properties, an Atlanta-based diversified real estate company, picked up 816 Congress Avenue in downtown Austin, Texas this month for $102.4 million, or $236 per square foot. According to a company press release the acquisition was funded with cash proceeds from Cousins’ recent follow-on stock offering. Cousins Properties also has plans to build an office tower at Colorado and Third streets. Previous Austin projects include the Frost Bank Tower and Palisades West.
"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."
The 434,000-square foot Class A office building was 78% leased at the time of sale, with major tenants including Teachers Retirement System of Texas, Lloyd Gosselink, and AT&T Services. Originally completed in 1983 and designed by Holt, Fatter, Scott, previous owners Lehman Brothers Holdings Inc. invested $3 million into the office building last summer to build an outdoor terrace and lounge on the 15th floor, according to an Austin Business Journal article.
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