AUSTIN-Cousins Property Inc. has acquired 826Congress Avenue, a class A office building located in the city'sCBD. The Atlanta, GA-based company acquired the 434,000-square-footasset for $102.4. According to the Travis Central AppraisalDistrict, the previous owner was Trimont RealEstate Advisors, also of Atlanta.

A press release detailing the transaction notes that the 1980sbuilding is currently 78% occupied to tenants such asTeachers Retirement System of Texas, Lloyd Gosselink andAT&T Services. There is no word on whetherThomas Properties Group, which had the propertymanagement assignment for the building, will continue in thatrole.

“This represents another attractive acquisition for Cousins aswe continue to target quality urban office assets in the bestsoutheastern submarkets at valuations below replacement cost,”states Larry Gellerstedt, Cousins' president andCEO in the release. “We have a long, successful history in Austinand are very excited about the opportunity to create value at 816Congress Avenue.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.