COUSINS PROPERTIES ANNOUNCES FULL BUILDING LEASE WITH AMAZON AT DOMAIN 9 DEVELOPMENT IN AUSTIN

Rhea-AI Summary

Cousins Properties (NYSE: CUZ) announced a significant lease agreement with Amazon for its Domain 9 development in Austin, amounting to 330,000 square feet. This move means Amazon will occupy 100% of the new space in three phases starting Q1 2024. The Domain portfolio's occupancy stands at 99.7%, with plans for additional developments totaling at least 1.5 million square feet. CEO Colin Connolly highlighted the strong demand for office space in the area, affirming their growth strategy.

Positive

• Signed a 330,000 square foot lease with Amazon, ensuring 100% occupancy of Domain 9.
• Domain portfolio is 99.7% leased, indicating strong demand for office space.
• Plans for at least 1.5 million square feet of additional development in the Domain submarket.

Negative

• None.

ATLANTA, Dec. 21, 2021 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it has signed a 330,000 square foot lease with Amazon to occupy 100% of its Domain 9 development in Austin.  Amazon employs more than 3,000 people in Austin and currently leases space at several other Cousins assets within the Domain submarket.  Amazon plans to occupy the new space in Domain 9 in three phases beginning in the first quarter of 2024. 

"Demand for office space at the Domain is as strong as it has ever been.  With the addition of this new development, our 2.5 million square foot Domain portfolio is 99.7% leased," said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  "We have additional sites that can accommodate at least another 1.5 million square feet of new development in the Domain submarket.  Our team has been working diligently on plans for Domain Central, situated in the core of the submarket, which will be a multi-phased project and the next step of our growth in the Domain." 

About Cousins Properties

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com.

CONTACT:     
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com

 

View original content:https://www.prnewswire.com/news-releases/cousins-properties-announces-full-building-lease-with-amazon-at-domain-9-development-in-austin-301448781.html

SOURCE Cousins Properties

FAQ

What recent lease agreement did Cousins Properties make with Amazon?

Cousins Properties signed a lease for 330,000 square feet at Domain 9, fully leasing the new development.

When will Amazon occupy the new space at Domain 9?

Amazon plans to occupy the new space in three phases starting in the first quarter of 2024.

What is the current occupancy rate of Cousins Properties' Domain portfolio?

The Domain portfolio is currently 99.7% leased.

What are Cousins Properties' future development plans in the Domain submarket?

Cousins Properties has plans for at least 1.5 million square feet of new development in the Domain submarket.