Cousins Begins Construction of Office Development in Austin
- Oct 20, 2014
Cousins Properties Inc., is starting construction on Research Park V, a 173,000-square-foot Class A office development in Austin, which is the last of a planned five-building complex the firm has developed.
Cousins Properties anticipates the total development cost to be approximately $44 million.
“We master planned this office park of five office buildings and we had developed the first four and were waiting for the right time to build building five and that time was now,” Tim Hendricks, Cousins Properties’ senior vice president, told Commercial Property Executive. “What’s really appealing with this project is its proximity to roadways, its visibility to one of Austin’s busiest highways (Research Blvd.) and it does have structured parking, which a lot of buildings in the submarket do not.”
As part of the previously established office complex, Research Park V will benefit from an existing amenity base along with proximity to employee housing, restaurants and retail, as well as excellent visibility and access to major highways.
According to Hendricks, the overall design and efficiency of the floor plans make for really great layouts in the market.
“This building fits in from the perspective of utilizing our development expertise to capture opportunities in growing submarkets,” he said. “Austin and the Northwest market fit all of those touch points for us.”
In addition to the office complex, Cousins has played a prominent role in the Austin real estate market, with a list of notable development projects including Colorado Tower, Frost Bank Tower, and Palisades West.
“We have been active in Austin for over 20 years and the Northwest market is really the largest submarket in Austin, but also the one that attracts more of the Fortune 500 companies day in and day out,” Hendricks added. “The other thing about the Northwest market is that it got above 90 percent and we saw the growth as being really strong, which triggered us to build (it).”
Research Park V is projected to start prior to year-end 2014 and to be completed in fourth quarter 2015.