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May. 24, 2013

New Office Tower to Break Ground in Downtown Austin

By Anca Gagiuc, associate Editor

A 29-story office building will break ground in downtown Austin on June 4. The project belongs to Cousins Properties Incorporated, a major player in the city’s real estate market that has placed a number of important buildings on the Austin skyline, including Palisades West, Frost Bank Tower and the latest purchase—816 Congress.

“We have a long, successful history in Austin and are very excited about the prospects for Colorado Tower,” said Larry Gellerstedt, president and CEO of Cousins, in a statement for the press. “This building—with its great location and best-in-class amenity package—is particularly well positioned to capitalize on the vibrant market in Austin’s central business district.”

The Colorado Tower will be located in the downtown area at 3rd and Colorado Streets. It is designed by Duda/Paine Architects and will deliver 371,000 square feet Class A office space. A top quality fitness facility and modern conference center are among the planned amenities.

The development is being built under the Austin Energy Green Building 2 star program and is expected to be completed by December 2014. Costs for the Colorado Tower have not been disclosed.

Law firms DuBois, Bryant & Campbell and Scott, Douglass & McConnico LLP are the first to sign a pre-lease agreement, occupying 18 percent of the space in the building. Tim Hendricks, senior vice president of Cousins in Austin, considers this “a testament that we’re delivering the right product at the right price point for the customers of downtown.” The developer is in active discussions with other prospective tenants.

Boston based Cousins Properties Incorporated has wide experience in different branches of the real estate business. The company invests in office and retail projects; is active in development, acquisition, financing, management and leasing; and is part of a real estate investment trust (REIT).

 Chart courtesy of CBRE.

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