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Parsley Energy to Expand Operations in Planned 309,000-SF Office Tower in Austin

Cousins Properties JV Proposes 39-Story Office Complex
January 10, 2018
Cousins Properties, Inc. (NYSE: CUZ) has partnered with Riverside Resources and Ironwood Real Estate to develop a new 39-story office building at 300 Colorado St. in Downtown Austin, TX later this year. The building will total 309,000 square feet and be 50% owned by Cousins Properties.

The proposed office high-rise is 100 percent pre-leased. Parsley Energy, Inc., an independent oil and natural gas company, signed a 12-year, 302,000-square-foot lease, occupying all of the office space within the new building that will have total development costs of approximately $175 million.

The remaining 7,000 square feet will be occupied by American steakhouse Del Frisco's, which agreed to a 10-year lease term.

Parsley Energy previously worked with Cousins in 2014 when the company moved its headquarters from Midland, TX to a 135,000-square-foot office space in Cousins' 30-story, 373,334-square-foot Colorado Tower, which is located across the new development. Parsley Energy will continue to occupy the 135,000-square-foot space once 300 Colorado delivers.

The new development will be constructed on a site previously acquired by Ironwood Real Estate in 2006. In a partnership with Riverside Resources, Ironwood Real Estate originally planned to build an upscale residential tower on the site before partnering with Cousins to develop 300 Colorado.

Construction is expected to begin in the fourth quarter of 2018. The anticipated delivery date is slated for the fourth quarter of 2020.
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