Lease for 32,000 square feet brings 375,000-square-foot project to
67 percent leased
Cousins Properties Incorporated (NYSE: CUZ) announced today it has
signed Forestar Real Estate Group Inc. (NYSE: FOR) to a
32,000-square-foot lease in Building II at Palisades West, a
two-building, 375,000-square-foot office project under construction in
southwest Austin, Texas. The lease, the first in the project’s
second building, brings Palisades West to 67 percent leased overall. The
project’s 220,000-square-foot first building
is fully leased to Dimensional Fund Advisors. Both buildings are
expected to deliver this fall.
“Palisades West is fulfilling its promise as a
great corporate office site with this new commitment from Forestar.
Southwest Austin continues to be one of the city’s
most attractive office market and we look forward to more interest as we
get closer to delivering the buildings,” said
Tim Hendricks, senior vice president of Cousins.
“We are excited about the relocation of our
corporate headquarters to Palisades West,”
said Jim DeCosmo, president and chief executive officer of Forestar Real
Estate Group. “This new facility has a great
location and provides our company with space that will support our
growth needs for the foreseeable future. As a 25% owner in the Palisades
West project, we believe this site will provide significant value to
other corporate office customers in the Austin market.”
Forestar Real Estate Group Inc. operates in three business segments:
real estate, mineral resources and fiber resources. The real estate
segment owns directly or through ventures about 372,000 acres of real
estate located in 10 states and 13 markets in the U.S. The real estate
segment has 23 real estate projects representing over 31,000 acres
currently in the entitlement process, and 75 entitled, developed and
under development projects in eight states and twelve markets
encompassing almost 17,000 acres, comprised of about 29,000 residential
lots and approximately 2,000 commercial acres. The mineral resources
segment manages about 622,000 net acres of oil and gas mineral
interests. The fiber resources segment sells wood fiber from its land
primarily located in Georgia, and leases land for recreational uses.
Forestar's address on the World Wide Web is www.forestargroup.com.
Celebrating its 50th anniversary in 2008,
Cousins Properties Incorporated is a leading diversified real estate
company with extensive experience in development, acquisition,
financing, management and leasing.
