Cousins Properties Announces Closing of 2100 Ross Sale
ATLANTA, Sept. 2, 2015 /PRNewswire/ -- Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the sale of 2100 Ross, its 843,728 square foot, Class A office tower in the Arts District submarket of Dallas, TX, for a gross price of $131 million.
Cousins purchased 2100 Ross at 67 percent leased in August of 2012 for $59.2 million by first acquiring a B-note and subsequently acquiring the office tower in foreclosure. During Cousins' ownership, the company executed approximately 390,000 square feet in new leases and renewals and completed a substantial renovation at the asset.
"2100 Ross has been an outstanding investment for Cousins and our shareholders," said Larry Gellerstedt, President and Chief Executive Officer of Cousins Properties. "We opportunistically acquired a Class-A tower at a deep discount to replacement cost. We then used our development and leasing expertise to reposition and re-lease the building, leading to significant value creation in a well-timed exit."
About Cousins Properties Incorporated
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.
Director, Investor Relations
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SOURCE Cousins Properties Incorporated