Frost Bank Tower Sold to Chicagoans

Front Bank.jpg

Our pal Frost Bank McFrostsalot has been sold by its developer, Cousins Properties Inc., to a Chicago-based real estate investment trust, Equity Office Properties Trust, for $188 million, which works out to about $354 per square foot. Don't worry ... Frosty is staying here, just under new ownership.

Equity Properties has some other major investments in downtown Austin (they recently bought 300 West Sixth). Downtown is where it's at, and while these seem like huge numbers, the downtown community is coming up and should continue to increase in value.

Cousins, on the other hand, is heading west, which is lame. Downtown needs more non-EIFS buildings and we would love to see a follow up to Frost Bank.

*Image (c) Matt Wright on flickr*

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By Shawn Shillington in News on August 3, 2006 10:13 AM 0 Comments

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minimalrobot

I guess the best thing I can say about the Frost building is that at least it's distinctive (for Austin, that is). I do enjoy the Logan's Run top. But I really think the proportions are off; the building just looks too short for its girth. Also, I can't shake the feeling that it's just a generic, cheap office building with a bunch of trendy quasi-modern panels and bits pasted onto the outside.