Cousins Properties Inc. acquired 816 Congress Ave., a 434,000-sq.-ft. class-A office building in Austin, Texas, for net $102.4 million, or $236 per sq. ft. Cousins used cash proceeds from its recent follow-on stock offering to fund the acquisition.
The building, located in downtown Austin, is currently 78 percent leased. Tenants at the property include the Teachers Retirement System of Texas, Lloyd Gosselink and AT&T Services.
Cousins plans to increase occupancy at the building and take advantage of existing amenities, including a 12,000-sq.-ft. terrace on the 15th floor with unobstructed views of the Texas Capitol Building.
“This represents another attractive acquisition for Cousins as we continue to target quality urban office assets in the best southeastern submarkets at valuations below replacement cost,” said Cousins President and CEO Larry Gellerstedt in a statement. “We have a long, successful history in Austin and are very excited about the opportunity to create value at 816 Congress Avenue.”