Cousins Properties Incorporated
) began construction at a new Class-A office building - Colorado
Tower - in Austin, Texas. The property is believed to be the next
high-rise tower in Austin, after Cousins' Frost Bank Tower which
was developed in 2003. The move is part of the company's efforts
to strengthen its footprints in Austin real estate market.
Colorado Tower, centrally located in Downtown Austin's
Warehouse District, will be a 29-story property spanning 371,000
square feet. It will provide a range of upscale facilities and is
being constructed under the Austin Energy Green Building 2 star
program. The real estate investment trust (REIT) has slated the
formal groundbreaking ceremony for Jun 4, 2013, with the tower
projected to be completed by Dec 2014.
Notably, Colorado Tower is well-positioned to capitalize on
opportunities in the vibrant Downtown Austin market. It is
experiencing strong pre-leasing activity, with 2 prominent law
firms - DuBois, Bryant & Campbell LLP and Scott, Douglass
& McConnico LLP - already in its tenant base. We expect
Cousins' aforementioned endeavor to enhance its top-line
Furthermore, Cousins has been riding on growth trajectory to
enhance its presence in Austin real estate market. For over 20
years, the company has its presence in the market with high-end
office properties such as Frost Bank Tower and Palisades West.
Moreover, last month, Cousins acquired a 434,000 square feet
Class-A office property - 816 Congress Avenue - in Downtown
Austin for $102.4 million.
Cousins currently carries a Zacks Rank #3 (Hold). However,
other REITs that are performing better and deserve a look include
DCT Industrial Trust Inc.
Winthrop Realty Trust
), all carrying a Zacks Rank #2 (Buy).
COUSIN PROP INC (CUZ): Free Stock Analysis
DCT INDUSTRIAL (DCT): Free Stock Analysis
WINTHROP REALTY (FUR): Free Stock Analysis
VENTAS INC (VTR): Free Stock Analysis Report
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