ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that it has
completed the acquisition of Promenade Two, 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, 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.”
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 development 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.
This press release does not constitute an offer of any securities for
sale. Certain matters discussed in this press release 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
Cousins’ financial statements and notes thereto, as well as 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, 2010 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.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director
of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com
Source: Cousins Properties Incorporated