AUSTIN – Cousins Properties Inc. plans to commence construction on Research Park V, a $44 million project in northwest Austin. The 173,000 square-foot office development is the last building in a five-building complex which Cousins has developed.
“We have a long, successful history in Austin and are very excited about the opportunity to bring new Class-A product to the rapidly tightening Northwest Austin submarket,” said Larry Gellerstedt, President and CEO of Cousins. “With Class-A occupancy over 90% and a significant number of companies currently looking for space in the Northwest submarket, we believe we are well positioned for success.”
Cousins, an Atlanta-based REIT, is projected to start on the new building prior to year-end 2014 and to be completed in fourth quarter 2015.
Cousins has been active in the Austin real estate market for over 20 years, with a list of notable development projects including Colorado Tower, Frost Bank Tower, and Palisades West.
Cousins is nearing completion on Colorado Tower, a 373,000-square-foot, downtown office development will be the first high-rise tower built in Austin in years.