Cousins Properties has plans to acquire 601 West 2nd Street, also known as Sail Tower, an 804,000-square-foot trophy lifestyle office property in Austin, for a net purchase price of $521.8 million.

The transaction is expected to close in December, subject to customary closing conditions.

Sail Tower is located near the Second Street entertainment district in Downtown Austin and offers unobstructed views of Lady Bird Lake.  It is just a few blocks away from Cousins’ existing 1.7 million square foot Downtown Austin office portfolio, which is currently 93 percent leased. Sail Tower was developed in 2022 and the office space is 100 percent leased to a Fortune 20 company (S&P: AA+) through 2038.

”We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” said Colin Connolly, president and CEO of Cousins Properties.  ”Austin continues to exhibit strong demand fundamentals, att