AUSTIN, Texas, Aug. 26, 2015 /PRNewswire/ -- Cousins Properties Incorporated (NYSE: CUZ) announced today that Colorado Tower, its $126 million office development in downtown Austin, TX, is 100 percent leased just eight months after construction completion in January 2015.
"Austin continues to exceed our expectations," said Larry Gellerstedt, President and Chief Executive Officer of Cousins Properties. "With Colorado Tower now 100% leased at rents which have grown over 35% since our initial leasing efforts began in 2012, this project represents another outstanding win for Cousins and our shareholders."
Cousins commenced construction on the 373,000 square foot, Class-A office tower in June 2013 with 17 percent of the space pre-leased. The building is currently 77% occupied and is projected to reach stabilized occupancy during the first quarter of 2016.
Cousins has played a prominent role in the Austin real estate market for over 20 years, with notable recent projects including the development of Frost Bank Tower, the acquisition of 816 Congress and its most recent project under development, Research Park V.
About Cousins Properties
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.
SOURCE Cousins Properties Incorporated