Cousins Properties Expands Portfolio with Uptown Charlotte Office Acquisition

Cousins Properties Expands Portfolio in Charlotte

In a strategic move to enhance its real estate holdings, Cousins Properties (NYSE: CUZ) has finalized the acquisition of 300 South Tryon, a notable 638,000 square foot lifestyle office property located in the heart of Uptown Charlotte. The property was acquired for $317.5 million and is fully leased, indicating strong demand and stable cash flows.

Built in 2017, 300 South Tryon boasts a weighted average lease term of six years, making it a valuable addition to Cousins' portfolio. This acquisition not only reflects Cousins' commitment to expanding its footprint in high-demand markets but also highlights the robustness of Charlotte's real estate market. The company cited favorable market conditions as a significant factor in this decision, particularly the low supply of new office space, which has led to rising rents for lifestyle offices.

Colin Connolly, the President and CEO of Cousins Properties, expressed enthusiasm about the acquisition, stating, "We are excited to advance our external growth objectives with the off-market acquisition of 300 South Tryon, one of the premier assets in the heart of Uptown Charlotte. This is a terrific time to grow our Charlotte portfolio as market fundamentals continue to improve with increasing demand, leading to rapid rent growth for lifestyle office."

The funding strategy for this acquisition involves a combination of proceeds from non-core asset sales, debt financing, and potentially the settlement of common shares previously issued under Cousins' ATM program. The company has stated that it is currently under contract to sell Harborview Plaza in Tampa and a land parcel at 303 Tremont in Charlotte, which will generate combined gross proceeds of approximately $63.2 million.

Cousins Properties has long been recognized for its robust investment strategies in Class A office buildings situated in growing markets across the Sun Belt region. Since its establishment in 1958, the company has developed a comprehensive framework that emphasizes high-quality real estate assets, with a focus on generating shareholder value through development, acquisition, leasing, and management activities.

Cousins Properties has positioned itself strategically to capitalize on the growing need for premium office space, particularly as companies continue to seek attractive locations for their operations. The Uptown Charlotte area, known for its vibrant business environment and amenities, is expected to draw even more demand in the coming years as the economy continues to recover and grow.

As the trends in commercial real estate evolve, Cousins Properties remains committed to maintaining its status as a premier real estate investment trust (REIT), leveraging its expertise to navigate the complexities of the market and pursue opportunities that align with its growth objectives.

For more detailed information regarding this acquisition and Cousins Properties' investment strategies, please visit their official website at www.cousins.com. This acquisition is just one of the many steps the company continues to take to solidify its standing in a competitive market and ensure long-term prosperity for its stakeholders.