816 Congress, a 20-story downtown office building, was acquired by Cousin Properties for $102.4 million. Currently the 434,000 square-foot Class A building is 78 percent leased to its tenant base. The building was constructed in 1983.
Cousin Properties is planning to build an office tower at 3rd and Colorado. The company previously completed downtown Austin office projects like the Frost Bank Tower and Palisades West. This purchase is part of a growing trend of downtown office buildings changing hands. Recently 515 Congress and an ajoining block were purchased by Stream Realty.
Learn more about 816 Congress here.