Atlanta-based Cousins Properties Inc. has agreed to acquire the 20-story high-rise office building at 816 Congress in Austin, TX from Thomas Properites. The gross purchase price for the 434,000 square foot Class A office property is reportedly $103.5 million. After credits for outstanding tenant improvements, lease commissions and rent abatements the net purchase price is $101.5 million.
816 Congress was built in 1984 and features a native granite exterior and a plaza entrance that leads to rich lobby finishes of granite, limestone and marble. It was renovated in 1994 and is 78 percent leased. Tenants include the Teacher Retirement System of Texas and the United States Attorneyâ€™s office.
The tower offers Capitol and hill country views. Located just south of the Texas State Capitol at Congress Avenue and 9th Street, 816 Congress is within walking distance of a multitude of popular destination amenities including the Warehouse entertainment district.
The seller, Thomas Properties Group, is a full-service real estate company that owns, acquires, develops and manages office, retail and multi-family properties throughout the United States. They maintain offices in Los Angeles, Philadelphia, Sacramento, Houston and Austin.
The buyer, Cousins Properties Incorporated, 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.
Photo courtesy of Thomas Properties