Developer: Colorado Tower in downtown Austin 95% leased

Sep 10, 2014
Austin American Statesman

Colorado Tower, the 29-story office tower currently under construction at Third and Colorado streets in downtown Austin, is now 95 percent leased, including with a number of tenants new to Austin


“The successful development and lease up of Colorado Tower represents an important milestone for Cousins,” Larry Gellerstedt, president and chief executive officer of Cousins Properties, said in a statement. “We broke ground in June 2013 (at) 17 percent pre-leased, and today we are 95 percent leased to a diverse roster of high-caliber companies, many who are new to Austin.”


The occupancy boost — an increase from 51 percent at the end of June — comes with the ink dry on five new leases totaling 157,279 square feet. The tower, which has 373,000 square feet in all, is due to open in December. It will be the first high-rise office tower developed in downtown Austin since Cousins developed Frost Bank Tower at Congress and Fourth in 2003


Among the new leases at Colorado Tower:


• Parsley Energy Inc. has leased 61,264 additional square feet, bumping its total to 135,107 square feet. Parsley was represented by Will Douglas and Nathan Lawrence with CBRE and Jim Bell with Studley


• Atlassian Inc. expanded by 48,346 square feet, for a new total of 72,530 square feet. They were represented by Jake Ragusa and Elysia Ragusa with Jones Lang LaSalle


• IPSoft Inc., represented by Chrissy Cornelius and Carl Condon with Avison Young, leased 24,184 square feet


• Kelly Hart & Hallman LLP leased 14,180 square feet and was represented Burke Kennedy and Mike Kennedy with Avison Young


• Invesco Management Group, Inc. leased 9,305 square feet. Liz Tucker with Jones Lang LaSalle represented Invesco


Rachel Coulter and Kevin Kimbrough with Oxford Commercial represented Cousins on all lease transactions


In addition to Colorado Tower, IBC Bank Plaza, a 13-story building nearing completion downtown that will house the Austin headquarters of IBC Bank and other tenants, has leased 92 percent of its office space. And Stream Realty Partners said last week that its office project under construction downtown is 60 percent leased, with another deal imminent that will fill the balance of the space



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