ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the acquisition of Promenade Two (top left photo), a 774,000-square-foot, Class-A office building located in the Midtown submarket of Atlanta, Georgia, for $134.7 million in cash.
The Company expects to fund the acquisition on a leverage-neutral basis.
The building, currently 58% leased due to its anchor tenant recently vacating, has a high quality tenant base with no material lease expirations until 2016.
“Promenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation,” said Larry Gellerstedt (lower right photo), President and Chief Executive Officer of Cousins.
“We now have a trophy offering in all three urban submarkets along the Peachtree Corridor, furthering our strategic goal of upgrading the portfolio as we recycle out of older, stabilized assets.”
Contacts
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director of Investor Relations and Corporate Communications
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