Cousins Properties has secured a new tenant for its Class A+ office complex totaling 373,334 square feet in downtown Austin. Technology company Miro inked a 72,000-square-foot lease at Colorado Tower, expanding its presence in the city.
Miro will occupy floors 17 through 19 in the 30-story office tower in early 2022 and will customize the space for its particular needs. The new tenant will fully take over the space left behind by Atlassian, with its lease expiring by the end of next January.
JLL represented both parties in the transaction.
Currently, around 165 Miro employees are calling Austin their home, but the newly signed lease will increase these numbers to over 200 by January 2022. The expansion will make it Miro’s second largest hub worldwide.
As of the third quarter, Cousins Properties’ Greater Austin portfolio spanned 1.9 million square feet was 95 percent leased, according to the company’s third quarter earnings call. The firm has closed leases totaling 236,000 square feet within the city in the same period.
Even with Austin’s thriving construction pipeline, vacancy across the metro echoes the national decreasing trend. As of September, Greater Austin’s office vacancy rate dropped 20 basis points declining to 15.7 percent, according to CommercialEdge data.
Located at 303 Colorado St., the 2014-built property features floorplates between 11,818 and 14,500 square feet along with above ground and underground parking. The multi-tenant building offers a fitness center, two conference rooms, two outdoor decks as well as two restaurants for tenants.
Situated within the central business district of Austin, the office complex is less than a mile from Interstate 35 and within 10 miles of the Austin-Bergstrom International Airport. The Texas Capitol is within a mile of the property.