Hendricks says the economists Cousins consulted call for a much-improved economy two years from now. "Cousins has always been able to focus their development intentions toward opportunities," he says. "Opportunities for companies like ourselves are not when the market is at the top. Frankly, it is identifying where the market is at the bottom, where the turnaround is and doing the proper timing to deliver new product at the right time."

Two law firms and the project's construction company have signed on to take a total of 90,552 sf. "They've committed their firms and the future of their Austin firms to Congress at Fourth by signing long-term leases even in a downturn," Hendricks says. "That leads us to believe that we're doing the right asset and we've targeted our rental rates at the right point." Current class A rental rates in the CBD are between $32 per sf and $38 per sf, Hendricks says, and Cousins is quoting rates from the middle to high end of that range.

Set on the northeast corner of Congress and Fourth Street, the building is set back from Congress with a segmented pyramid design. It will feature a plaza, high-end restaurant, retail and 1,500-space parking garage. Duda/Paine Architects LLP, based in Durham, NC, is the design architect and Dallas-based HKS Inc. is the architect of record. Constructors and Associates, also based in Dallas, is the construction company. Hendricks declined to disclose the cost of the project.