Atlanta-based Cousins Properties is paying $1.1 billion in cash for a portfolio of offices in Texas, calling the “transformative” transaction its biggest acquisition ever.
The company signed a definitive agreement to acquire Greenway Plaza in Houston and 777 Main Street in Fort Worth from a joint venture operated by Crescent Real Estate Holdings LLC.
“Not only do we expect this transaction to be transformative and accretive, it immediately expands our Texas platform and provides substantial geographic diversification at a significant discount to replacement cost,” President and CEO Larry Gellerstedt said in announcing the deal Monday.
Greenway Plaza, which is 92 percent occupied, is a 10-building complex in Houston that comprises 4.4 million square feet of space.
The 40-story Class-A building in Fort Worth comprises 980,000 square feet and is projected to be 72 percent occupied by year end.
Cousins, which releases its second-quarter earnings Tuesday, said it will pay for the deal by issuing common stock, selling non-core assets and mortgage financing. It expects to close the deal in mid-September.
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