JLL Capital Markets has facilitated two related office transactions in Austin, Texas, involving Cousins Properties and multiple counterparties. The assignments included the disposition of Research Park Plaza V in Northwest Austin and the placement of preferred equity for the 5th & Walsh office and retail development in the city’s West 5th Street corridor.
For the investment sale, JLL Capital Markets arranged the disposition of Research Park Plaza V, a 172,854-square-foot office building located in Austin’s Northwest submarket. JLL’s Ryan Stevens, Drew Fuller and Jeff Coddington represented Cousins Properties in the transaction, acting on behalf of the seller. The asset was acquired by an unnamed buyer. No additional financial terms were disclosed.
Research Park Plaza V is described as a Class A, four-story office property that was developed in 2015. The building is reported to be 85% leased and is occupied by four institutional-quality tenants. The combination of relatively recent construction, high-quality tenancy and established leasing momentum positions the property as a stabilized suburban office asset within the broader Austin market.
In a separate but related capital markets assignment, JLL Capital Markets secured a preferred equity commitment for the 5th & Walsh development. Working on behalf of Endeavor Real Estate Group, the project’s developer, JLL’s Stevens, Robert Wooten and Colby Mueck arranged a $31.5 million preferred equity investment provided by Cousins Properties. The preferred equity is structured to support the ground-up development of the project.
5th & Walsh is planned as a five-story, Class A mixed-use property totaling approximately 198,000 rentable square feet in Austin’s West 5th Street corridor. The program includes roughly 177,000 square feet of Class A office space above approximately 21,000 square feet of ground-floor retail. Endeavor Real Estate Group intends to use the development as its headquarters location, anchoring the office component with an owner-occupier presence. Additional leasing and tenant details were not disclosed.
Across both assignments, JLL Capital Markets served in advisory and capital placement roles, coordinating the sale of a stabilized suburban office asset for Cousins Properties and arranging preferred equity for a new Class A office and retail project in a central Austin corridor. The transactions highlight continued capital flows into institutional-quality office product in Austin, as well as the use of preferred equity as part of the capital stack for new development in the market.
