Cousins Properties Acquires Dallas Office Tower
ATLANTA — (August 8, 2012) — Cousins Properties Incorporated (NYSE: CUZ) has acquired 2100 Ross Avenue, an 844,000-square-foot, Class-A office building located in the Arts District submarket of Dallas, Texas. The Company purchased the office tower at a foreclosure auction for a net purchase price of $59.2 million, which equates to $70 per square foot. Cousins had previously acquired a $10 million B-note backed by 2100 Ross Avenue in an off-market transaction.
“2100 Ross Avenue is an outstanding fit with our ongoing strategy to acquire quality urban office assets in the best southeastern submarkets at valuations below replacement cost,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “This investment also provides a rare combination of significant value creation potential and an attractive in-place yield.”
The property is currently 67 percent leased to a diverse tenant base, including CBRE, Prudential Mortgage Capital and Bank of America Merrill Lynch. Cousins intends to reposition the property through a comprehensive capital improvement plan that implements a variety of common area and amenity-oriented enhancements. The plan also will leverage the building’s excellent location adjacent to Dallas’ leading cultural venues and the new 5.2-acre Klyde Warren Park, which now connects the Arts District to Uptown Dallas.
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit www.cousinsproperties.com.
Certain matters discussed in this press release, such as the value creation potential and planned repositioning of the property, are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review the risk factors described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such
statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.