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| Larry Gellerstedt |
ATLANTA, GA--Cousins Properties Incorporated (NYSE: CUZ) has
completed the following series of off-market transactions:
Purchased the remaining 80% interest in Terminus 200 from a
fund managed by Morgan Stanley Real Estate Investing.
Subsequently formed a 50%/50% joint venture with
institutional investors advised by J.P. Morgan Asset Management for both Terminus
100 and Terminus 200, neighboring Class-AA office towers in
Atlanta’s Buckhead submarket.
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| Terminus 100 |
Purchased a 100% interest in Post Oak Central, a
Class-A office complex in the Galleria submarket of Houston, from institutional
investors advised by J.P. Morgan Asset Management.
The off-market transactions provide Cousins with an
attractive entry in Houston’s Galleria submarket and the retention of a
substantial ownership interest in the Terminus office towers in Atlanta.
Cousins’ net investment is expected to be approximately $206
million, after a new non-recourse mortgage for Terminus 200 is secured. The
Company funded the transactions using proceeds from recent non-core asset
sales.
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| Terminus 200 |
Larry Gellerstedt, President and Chief Executive
Officer of Cousins, noted, “The Post Oak Central transaction is an outstanding
fit with our ongoing strategy of acquiring quality urban office towers in the
best Sun Belt submarkets at valuations below replacement cost.
"This investment
also provides a rare combination of a significant future development
opportunity and an attractive in-place yield.”
Gellerstedt added, “It’s very exciting to affirm our
confidence in the steadily improving Buckhead submarket with the Terminus 100
and 200 transactions. Furthermore, our joint venture with J.P. Morgan Asset
Management ensures that both towers will continue to reap the benefits of
top-notch sponsorship.”
For a complete copy of the company’s news release, please
contact:
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate
Communications
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