ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has acquired 2100 Ross Avenue (top left photo), 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 (lower right photo), 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.
Contact:
Cousins Properties Inc.
Cameron Golden,
404-407-1984
Vice President
Investor Relations and Corporate Communications
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