AUSTIN-Cousins Property Inc. has acquired 826 Congress Avenue, a class A office building located in the city's CBD. The Atlanta, GA-based company acquired the 434,000-square-foot asset for $102.4. According to the Travis Central Appraisal District, the previous owner was Trimont Real Estate Advisors, also of Atlanta.

A press release detailing the transaction notes that the 1980s building is currently 78% occupied to tenants such as Teachers Retirement System of Texas, Lloyd Gosselink and AT&T Services. There is no word on whether Thomas Properties Group, which had the property management assignment for the building, will continue in that role.

“This represents another attractive acquisition for Cousins as we continue to target quality urban office assets in the best southeastern submarkets at valuations below replacement cost,” states Larry Gellerstedt, Cousins' president and CEO in the release. “We have a long, successful history in Austin and are very excited about the opportunity to create value at 816 Congress Avenue.”