Cousins Closes Estimated $5M in Office Leases

Cousins officials declined to disclose the length and value of each transaction, but area brokers familiar with the office markets in both locales tell GlobeSt.com both leases are for at least five years at an estimated aggregate value of $5 million. The brokers say they based their estimate on an effective gross rent of $20 per sf at each property. The Frost Bank Tower lease was one of the largest Downtown Austin in the last 12 months, according to Cousins officials.

Cousins officials tell GlobeSt.com the new leases bring the occupancy at the one-year-old Frost Bank Tower to 70% and to 68% at the five-year-old 1155 Perimeter Center. The 1155 Perimeter Center property is also the corporate headquarters for Atlanta-based Mirant Corp. Cousins officials say the Siemens lease is the first at 1155 Perimeter Center since Mirant restructured its lease in 2004.

"Bringing two high-quality customers to our properties is a great way to start 2005 and we hope it's an indicator that leasing in these two office markets is starting to gather some positive momentum," says John McColl, senior vice president of Cousins' office division.

On the Atlanta transaction, Travis Jackson and Christopher White of Cushman & Wakefield represented Siemens. Scott Rees of Cousins negotiated for Cousins and its partner. In Austin, Rick Whiteley and Ford Alexander of Colliers Oxford Commercial represented UTIMCO. Mike Brown and Tim Hendricks of Cousins negotiated for Cousins.