Cousins Properties to Commence Development of Domain 9 in Austin

Rhea-AI Summary

Cousins Properties (NYSE: CUZ) announced plans to commence development of Domain 9, a 335,000 square foot office building in Austin, with a projected cost of $147 million. Expected to deliver by mid-2023, this development aims to meet the growing demand for Class A office spaces in the area. The company’s existing 2.1 million square foot Domain portfolio is currently 98% leased, with potential for further expansion. Executives highlight Austin's strong job growth and corporate relocations, underscoring confidence in attracting high-quality tenants.

Positive

• Commencement of Domain 9 development, a 335,000 square foot office building.
• Total project cost anticipated at $147 million.
• Current portfolio of 2.1 million square feet is 98% leased.
• Opportunity for additional development of 1.7 million square feet.

Negative

• Risks involved with forward-looking statements regarding project success.

ATLANTA, April 29, 2021 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it plans to commence development of Domain 9, a 335,000 square foot office building in Austin, during the second quarter of 2021.  The total project cost is anticipated to be approximately $147 million with delivery slated for mid-2023.

"Since our entry into the Domain submarket of Austin in 2019, demand for Class A office space from fast-growing, high-credit customers has only grown," said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  "Commencing development of Domain 9 gives us the opportunity to continue to capture this demand.  Our existing 2.1 million square foot Domain portfolio is 98% leased, and we have the ability to develop an additional 1.7 million square feet, including Domain 9, in the heart of the submarket."

"Austin continues to exhibit some of the strongest job growth numbers in the country with record corporate relocations and expansions over the past year," said Tim Hendricks, Senior Vice President and Managing Director of Cousins' Austin office.  "We are confident that Domain 9 will attract high-quality customers who are looking to grow in Austin and who value the unique combination of outdoor space and unrivaled amenities that the Domain offers."

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.

Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousins' financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

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

View original content:http://www.prnewswire.com/news-releases/cousins-properties-to-commence-development-of-domain-9-in-austin-301280737.html

SOURCE Cousins Properties

FAQ

What is the significance of Cousins Properties' Domain 9 development in Austin?

Cousins Properties plans to develop Domain 9, a 335,000 square foot office building, to meet the increasing demand for Class A office spaces in Austin.

What is the projected cost and delivery date for Domain 9 by Cousins Properties?

The projected cost for Domain 9 is approximately $147 million, with delivery expected by mid-2023.

How much of Cousins Properties' existing Domain portfolio is leased?

Cousins Properties' existing Domain portfolio is currently 98% leased.

What growth factors are influencing Cousins Properties' decision to develop Domain 9?

Strong job growth and increasing corporate relocations in Austin are influencing the decision to develop Domain 9.

What future development potential does Cousins Properties have in the Domain submarket?

Cousins Properties has the ability to develop an additional 1.7 million square feet in the Domain submarket.