First look: Austin to get first high-rise since 2003

Cousins Properties Inc. has commenced construction on Colorado Tower, a 371,000-sf Class A office development in Downtown Austin, Texas.

The 29-story building, designed by Duda/Paine Architects, will be the first high-rise tower built in Austin since Cousins developed Frost Bank Tower in 2003. The formal ground breaking ceremony is scheduled for June 4th.

“We have a long, successful history in Austin and are very excited about the prospects for Colorado Tower,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “This building – with its great location and best-in-class amenity package – is particularly well positioned to capitalize on the vibrant market in Austin’s central business district.”

Located in the heart of Downtown Austin’s Warehouse District, Colorado Tower will offer a variety of amenities, including a top quality fitness facility and state-of-the-art conference center. The building is being developed under the Austin Energy Green Building 2 star program and will be substantially complete by December 2014.

Pre-leasing activity has been strong, with two high-profile companies – DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP – officially committed to the building and several other prospective tenants in active discussions.

Cousins has played a prominent role in the Austin real estate market for more than 20 years, with a list of notable projects including Frost Bank Tower, Palisades West, and the recent acquisition of 816 Congress.

It’s no accident that the word “Highline” is in this project’s name. The goal is for the building to be a kind of gateway into the larger redevelopment of the surrounding neighborhood to resemble New York’s City’s trendy downtown Meatpacking District, through which runs a portion the High Line elevated park.

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