Cousins kiss Congress with $103M office buy

AUSTIN – Cousins Properties Inc. completed its purchase of 816 Congress Avenue within weeks. The 20-story, 433,024-sf office building was originally developed by Cousins.

The price of the office building is $103.5 million, with the net price after various credits and other provisions set at $101.5 million, according to SEC filings.

The building is 78 percent leased. Three major tenants account for 26 percent of the leased space: Teacher Retirement System of Texas; the United States Attorney’s office; and a law firm.

Earlier this year, Atlanta-based Cousins doubled its holdings in Texas with the acquisition of the three-building Post Oak Central office complex in Houston’s Galleria submarket.

Cousins also owns 2100 Ross, a 33-story, 843,728-sf office tower in Dallas, a 203,000-sf suburban office property in Richardson, and a pair of office buildings in Austin totaling 373,000 sf.

Read more at CoStar Group and SaportaReport.