Cousins Properties Announces Full Building Lease with Fortune 100 Technology Company at The Domain in Austin
Cousins Properties (NYSE: CUZ) has announced a significant lease agreement at The Domain in Austin. A Fortune 100 technology company has signed a 320,000 square foot lease for the entire Domain 12 property. This new tenant will take over the existing lease from Meta Platforms and extend the lease maturity from 2031 to 2040, effective January 1, 2026.
Domain 12, completed in 2020, is a lifestyle office property featuring amenities such as a café, outdoor terraces, fitness center, and bike storage. It's strategically located near The Domain's main dining and entertainment district. Notably, Cousins' Domain portfolio, totaling 2.5 million square feet, is currently over 99% leased.
Cousins Properties (NYSE: CUZ) ha annunciato un importante accordo di locazione presso The Domain di Austin. Una società tecnologica Fortune 100 ha firmato un contratto di locazione di 320.000 piedi quadrati per l'intera proprietà Domain 12. Questo nuovo inquilino subentrerà al contratto esistente di Meta Platforms e estenderà la scadenza del contratto dal 2031 al 2040, a partire dal 1 gennaio 2026.
Domain 12, completato nel 2020, è una proprietà di uffici lifestyle che offre servizi come un caffè, terrazze all'aperto, palestra e deposito biciclette. È strategicamente situata vicino al principale distretto di ristorazione e intrattenimento di The Domain. È importante notare che il portafoglio di Cousins nel Domain, totale di 2,5 milioni di piedi quadrati, è attualmente al di sopra del 99% affittato.
Cousins Properties (NYSE: CUZ) ha anunciado un importante acuerdo de arrendamiento en The Domain en Austin. Una empresa tecnológica Fortune 100 ha firmado un arrendamiento de 320,000 pies cuadrados para toda la propiedad Domain 12. Este nuevo inquilino asumirá el arrendamiento existente de Meta Platforms y prolongará la duración del contrato del 2031 al 2040, a partir del 1 de enero de 2026.
Domain 12, completado en 2020, es una propiedad de oficinas de estilo de vida que cuenta con amenidades como un café, terrazas al aire libre, gimnasio y almacenamiento de bicicletas. Se encuentra estratégicamente ubicada cerca del principal distrito de restaurantes y entretenimiento de The Domain. Cabe destacar que la cartera de Cousins en Domain, que totaliza 2.5 millones de pies cuadrados, actualmente está alquilada en más del 99%.
Cousins Properties (NYSE: CUZ)는 오스틴의 The Domain에서 중요한 임대 계약을 발표했습니다. 포춘 100 기술 회사가 Domain 12 전체에 대해 320,000 평방피트 임대 계약을 체결했습니다. 이 새로운 세입자는 Meta Platforms의 기존 임대를 인수하고 임대 만기를 2031년에서 2040년으로 연장할 예정이며, 이는 2026년 1월 1일부터 발효됩니다.
Domain 12는 2020년에 완공된 라이프스타일 오피스 시설로, 카페, 야외 테라스, 피트니스 센터 및 자전거 보관소 등의 편의 시설을 갖추고 있습니다. The Domain의 주요 식사 및 오락 지역 근처에 전략적으로 위치하고 있습니다. 특히 Cousins의 Domain 포트폴리오로 총 250만 평방피트가 현재 99% 이상 임대됨에 주목할 만합니다.
Cousins Properties (NYSE: CUZ) a annoncé un important accord de location à The Domain à Austin. Une entreprise technologique Fortune 100 a signé un contrat de location de 320 000 pieds carrés pour l'ensemble de la propriété Domain 12. Ce nouveau locataire reprendra le contrat existant de Meta Platforms et prolongera l'échéance du bail de 2031 à 2040, à compter du 1er janvier 2026.
Domain 12, achevé en 2020, est une propriété de bureau de style de vie offrant des commodités telles qu'un café, des terrasses extérieures, un centre de fitness et un local à vélos. Il est stratégiquement situé près du principal district de restauration et de divertissement de The Domain. Il convient de noter que le portefeuille Domain de Cousins, totalisant 2,5 millions de pieds carrés, est actuellement loué à plus de 99%.
Cousins Properties (NYSE: CUZ) hat einen bedeutenden Mietvertrag im The Domain in Austin bekannt gegeben. Ein Fortune 100 Technologieunternehmen hat einen Mietvertrag über 320.000 Quadratfuß für die gesamte Domain 12 Immobilie unterzeichnet. Dieser neue Mieter wird den bestehenden Mietvertrag von Meta Platforms übernehmen und die Mietlaufzeit von 2031 auf 2040 verlängern, mit Wirkung zum 1. Januar 2026.
Domain 12, das 2020 fertiggestellt wurde, ist eine Lifestyle-Büroimmobilie mit Annehmlichkeiten wie einem Café, Außen-Terrassen, Fitnessstudio und Fahrradabstellräumen. Es befindet sich strategisch günstig in der Nähe des Hauptrestaurant- und Unterhaltungsviertels von The Domain. Bemerkenswert ist, dass Cousins' Domain-Portfolio, das insgesamt 2,5 Millionen Quadratfuß umfasst, derzeit zu über 99% vermietet ist.
- Secured a full building lease with a Fortune 100 technology company
- Extended lease maturity from 2031 to 2040, ensuring long-term occupancy
- Domain portfolio is over 99% leased, indicating strong demand
- New tenant replacing Meta Platforms, maintaining full occupancy
- None.
This lease agreement represents a significant positive development for Cousins Properties. The deal not only maintains full occupancy of the Domain 12 property but also extends the lease term by 9 years, from 2031 to 2040. This extension provides long-term cash flow stability and reduces near-term vacancy risk.
The fact that a Fortune 100 technology company is taking over the lease from Meta Platforms suggests strong demand for premium office space in Austin's Domain area. This transaction likely preserves or potentially increases rental income, given the high-profile nature of the new tenant.
With the Domain portfolio now over 99% leased, Cousins Properties demonstrates its ability to attract and retain top-tier tenants, which should positively impact investor confidence and potentially lead to improved valuation multiples for the company's stock.
This deal underscores the resilience of Austin's office market, particularly in prime locations like The Domain. Despite concerns about remote work impacting office demand, this transaction shows that top companies still value high-quality, amenity-rich office spaces for fostering company culture and attracting talent.
The lease extension to 2040 is notable, indicating a long-term commitment to physical office space by major tech firms. This could signal a broader trend of companies securing premium spaces for the long haul, potentially stabilizing the office real estate market in tech-centric cities.
The Domain's 99% occupancy rate is impressive in the current market, suggesting that mixed-use, lifestyle-oriented office developments may be better positioned to weather shifts in work patterns compared to traditional office parks or downtown high-rises.
Domain 12, delivered in 2020, is located directly adjacent to The Domain's main dining and entertainment district. The lifestyle office property is equipped with its own café, outdoor terraces, fitness center, bike storage, and has direct access to numerous hiking and bike trails. Cousins' Domain portfolio is comprised of 2.5 million square feet and is currently over
"We are excited that our teams found a creative solution to welcome another global technology innovator to a trophy property in The Domain," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "The Domain provides a highly amenitized experience that leading companies recognize as a critical tool to drive employee recruitment, retention, and culture. We are thrilled to see growing customer demand for lifestyle office properties in
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in
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-fortune-100-technology-company-at-the-domain-in-austin-302239030.html
SOURCE Cousins Properties
FAQ
What is the size of the new lease signed by Cousins Properties at The Domain in Austin?
When will the new lease at Domain 12 become effective for Cousins Properties (CUZ)?
How has the lease maturity changed for Domain 12 in Cousins Properties' (CUZ) portfolio?
What is the current occupancy rate of Cousins Properties' (CUZ) Domain portfolio in Austin?
