ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: CUZ) announced today that it has
closed two mortgages, at Post Oak Central and Promenade, generating
approximately $303 million in proceeds.
The Post Oak Central non-recourse mortgage, totaling approximately $189
million, has a 7 year term and a fixed rate of 4.26%. Cousins purchased
Post Oak Central, a Class-A office complex comprising 1.3 million square
feet in the Galleria submarket of Houston, in February 2013 for
approximately $233 million. The building is currently 94% leased, up
from 92% leased at the time of purchase.
The $114 million Promenade non-recourse mortgage has a 9 year term and a
fixed rate of 4.27%. Cousins purchased this Class-A office tower,
located in the Midtown submarket of Atlanta, in November 2011 for
approximately $135 million. The 774,000-square-foot building is 87%
leased, up from 58% at the time of purchase.
The funds generated by these mortgages will be used to partially fund
Cousins’ previously announced $1.1 billionTexas office portfolio
acquisition, which closed today.
About Cousins Properties
Cousins Properties Incorporated is a fully integrated, self-administered
and self-managed real estate investment trust (REIT). The Company, based
in Atlanta, GA primarily invests in Class-A office towers located in
high growth Sunbelt markets, with a focus on Georgia, Texas and North
Carolina. Founded in 1958, Cousins creates shareholder value through its
extensive expertise in the development, acquisition, leasing and
management of high-quality real estate assets. The Company has a
comprehensive strategy in place based on a simple platform, trophy
assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.
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, 2012 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
Vice
President of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
Source: Cousins Properties Incorporated