Cousins Properties Incorporated
) disclosed the penning of three preleasing deals for around
79,000 square feet of space at a Class-A office building -
Colorado Tower - in Austin, Texas. The move is basically aimed at
adding top tenants and pushing up the occupancy level at the
In particular, Cousins Properties inked the lease deals with
three prominent law firms of the U.S., namely DuBois, Bryant
& Campbell, LLP (24,342 square feet of space); Scott, Douglas
& McConnico, L.L.P. (40,011 square feet); and Munsch Hardt
Kopf & Harr, P.C. (14,768 square feet). As a matter of fact,
Scott, Douglas & McConnico was represented by Commercial
Texas LLC., while Munsch Hardt Kopf & Harr, was represented
CBRE Group, Inc.
) in the lease transactions.
Notably, Colorado Tower - a 373,000 square feet development -
is centrally located in Downtown Austin's Warehouse District. It
is believed to be the next high-rise tower in Austin, after
Cousins' Frost Bank Tower, which was developed in 2003. This real
estate investment trust (REIT) held the formal groundbreaking
ceremony of the property on Jun 4, 2013. The tower is projected
to be completed by Dec 2014, with remaining availability of
294,000 square feet of space.
Clearly, given the strong pre-leasing activity, Colorado Tower
is well-positioned to capitalize on opportunities in the Downtown
Austin market. As a matter of fact, for over 20 years, the
company has enjoyed strong presence in the market with high-end
office properties such as Frost Bank Tower, 816 Congress and
Cousins currently carries a Zacks Rank #3 (Hold). However,
other REITs worth considering include
Highwoods Properties Inc.
). Both carrying a Zacks Rank #2 (Buy).
CBRE GROUP INC (CBG): Free Stock Analysis
COUSIN PROP INC (CUZ): Free Stock Analysis
HIGHWOODS PPTYS (HIW): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
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