Cousins Properties announced it is under contract to acquire 601 West 2nd Street, also known as Sail Tower, a trophy lifestyle office property in Austin, for a net purchase price of $521.8 million. The transaction is expected to close in December.
Sail Tower is an 804,000 square foot property developed in 2022 and is 100% leased to a Fortune 20 company with an S&P: AA+ credit rating through 2038. This provides a long-term, stable income stream from a high-quality tenant.
CEO Colin Connolly stated that this acquisition is immediately accretive to earnings and enhances the quality of Cousins' leading lifestyle office portfolio. The move strengthens the company's presence in Austin, a market exhibiting strong demand fundamentals.
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