Cousins Properties Closes Sail Tower Acquisition in Austin

Rhea-AI Summary

Cousins Properties (NYSE: CUZ) has completed the acquisition of Sail Tower, a trophy lifestyle office property located in Austin, Texas. The transaction, which was previously announced, closed at a net purchase price of $521.8 million. The acquired property encompasses 804,000 square feet of office space.

Positive

• Strategic acquisition of large-scale premium office space (804,000 sq ft)
• Expansion in the growing Austin commercial real estate market
• Addition of trophy lifestyle property to portfolio

Negative

• Significant capital expenditure of $521.8 million
• High investment exposure in single property

News Market Reaction

-6.07%

1 alert

-6.07% News Effect

On the day this news was published, CUZ declined 6.07%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ATLANTA, Dec. 17, 2024 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it has completed its previously announced acquisition of Sail Tower, an 804,000 square foot trophy lifestyle office property in Austin, Texas, for a net purchase price of $521.8 million.

About Cousins Properties

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high growth Sun Belt markets. 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.cousins.com.

CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com

View original content:https://www.prnewswire.com/news-releases/cousins-properties-closes-sail-tower-acquisition-in-austin-302334192.html

SOURCE Cousins Properties

FAQ

What is the purchase price of Sail Tower acquired by Cousins Properties (CUZ)?

Cousins Properties acquired Sail Tower for a net purchase price of $521.8 million.

How large is the Sail Tower property acquired by CUZ in Austin?

Sail Tower is an 804,000 square foot office property in Austin, Texas.

When did Cousins Properties (CUZ) complete the Sail Tower acquisition?

Cousins Properties completed the Sail Tower acquisition on December 17, 2024.

What type of property is Sail Tower in Austin acquired by CUZ?

Sail Tower is described as a trophy lifestyle office property.

Where is the newly acquired Sail Tower property by CUZ located?

Sail Tower is located in Austin, Texas.