Cousins Properties announced this month that it has completed the acquisition of a Texas-based office portfolio for a total gross purchase price of approximately $1.1 billion in cash from Crescent Real Estate Holdings. The properties in the portfolio include Greenway Plaza, a 10-building, 4.4 million-square-foot office portfolio in Houston, and 777 Main Street, a 980,000-square-foot Class-A office tower in Fort Worth, Texas. JP Morgan Securities served as Cousin's exclusive financial advisor on the acquisition.
"Greenway Plaza and 777 Main Street are an excellent fit with our portfolio as they are high-quality urban properties with embedded NOI growth and future development potential," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "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."
Cousins funded the Texas acquisition through a $690 million stock offering and two new mortgages, including a $114 million loan backed by Midtown's Promenade in Atlanta, according to an Atlanta Business Chronicle article. HFF's Houston and Dallas office represented the seller, Crescent Real Estate.
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