Cousins Properties Breaks Ground on Austin Office Tower
AUSTIN, Texas--(BUSINESS WIRE)-- Cousins Properties Incorporated (NYS: CUZ) has commenced construction on Colorado Tower, a 371,000-square-foot, Class-A office development in Downtown Austin, Texas. The 29-story building, designed by Duda/Paine Architects, will be the first high-rise tower built in Austin since Cousins developed Frost Bank Tower in 2003. The formal ground breaking ceremony is scheduled for June 4th.
"We have a long, successful history in Austin and are very excited about the prospects for Colorado Tower," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "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."
Located in the heart of Downtown Austin's Warehouse District, Colorado Tower will offer a variety of amenities, including a top quality fitness facility and state-of-the-art conference center. The building is being developed under the Austin Energy Green Building 2 star program and will be substantially complete by December 2014.
Pre-leasing activity has been strong, with two high-profile companies - DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP - officially committed to the building and several other prospective tenants in active discussions.
Cousins has played a prominent role in the Austin real estate market for more than 20 years, with a list of notable projects including Frost Bank Tower, Palisades West, and the recent acquisition of 816 Congress.
About Cousins Properties Incorporated
The Company is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ.
Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review the Company's financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other documents the Company files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
Cousins Properties Incorporated
Tim Hendricks, 512-477-3434
Senior Vice President
Cameron Golden, 404-407-1984
Vice President, Investor Relations and Corporate Communications
KEYWORDS: United States North America Georgia Texas
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