Cousins Properties to Pay $103.5M for Austin CBD Asset

816Congress1Atlanta-based Cousins Properties Inc has agreed to acquire 816 Congress in Austin, TX, a 434,000 square foot Class A office property, for an aggregate purchase price of $103.5 million, or $239 per square foot.

The aggregate net purchase price is $101.5 million after credits for outstanding tenant improvements, leasing commissions and rent abatements.

The twenty-story building, which was initially constructed in 1984 and renovated in 1994, is currently 78 percent leased. The three largest tenants in the building are Teacher Retirement System of Texas, the law firm of Lloyd Gosselink Rochelle & Townsend, P.C., and the United States Attorney’s office, which collectively represent 26% of the leasable square footage.

The transaction is scheduled to close in mid-April 2013.

Located just south of the Texas State Capitol at Congress Avenue and 9th Street, 816 Congress is within walking distance of dining establishments, hotels, museums, art galleries, theaters and the Sixth Street and Warehouse entertainment district. The office property features a native granite exterior and offers tenants Capitol and hill country views.