Frost moves from 816 Congress, a building that's now called Frost Bank Plaza, where it has its downtown Austin operations. They include its financial management group and Frost Insurance Agency divisions. Frost also will have a retail banking operation in the lobby of Congress at Fourth.
Tim Hendricks, senior vice president of development at Atlanta-based Cousins, said the 525,000-sf building is due to open in January 2004. Frost, based in San Antonio, plans to move in during the first quarter. The move is subject to approval from federal bank regulators.
Information on the terms of the lease were not available, but most retail banking operations take space long term. The leases of most other tenants in the building are for long term.
In the lease negotiations, Michael Brown of Cousins' Austin office represented his company and Frost banked on Allen Lacey and Eric DeJernett of NAI Commercial Industrial Properties Co.
Frost will join five other tenants, including several law firms and a construction company, in Congress at Fourth. Until Frost signed, the Winstead, Sechrest & Minick law firm had been its biggest tenant with 48,000 sf for 15 years. The Congress at Fourth building is to include a plaza, high-end restaurant and a 1,500-space parking garage.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
