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Cousins Properties, a leading real estate investment trust, is set to acquire Sail Tower, a prestigious office property in Austin, Texas. The 804,000-square-foot building, located near the Second Street entertainment district in Downtown Austin, boasts unobstructed views of Lady Bird Lake. The net purchase price for the property is $521.8 million, with the transaction expected to close in December, pending customary closing conditions.
Sail Tower, developed in 2022, is currently fully leased to a Fortune 20 company through 2038. This acquisition will expand Cousins’ existing 1.7 million square foot office portfolio in Downtown Austin, which is already 93 percent leased. President and CEO of Cousins Properties, Colin Connolly, expressed excitement about adding this iconic property to their Austin portfolio, citing the strong demand fundamentals in the area.
With Austin’s thriving economy and growing reputation as a tech hub, this acquisition comes at a strategic time for Cousins Properties. The company is focused on enhancing its presence in key markets and building a diverse portfolio of high-quality properties. Sail Tower’s prime location, impressive tenant, and long-term lease agreement make it an attractive addition to Cousins’ existing assets in Austin.
The acquisition of Sail Tower represents a significant investment in the booming Austin real estate market and demonstrates Cousins Properties’ commitment to growth and strategic expansion. As the transaction moves forward, Cousins will continue to position itself as a leading player in the competitive commercial real estate sector.
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