Cousins Properties acquires Texas office portfolio for $1.1B

theflyonthewall.com

Cousins Properties has signed a definitive agreement to acquire Greenway Plaza, a 10-building, 4.4M-square-foot office portfolio in Houston, and 777 Main Street, a 980,000-square-foot Class-A office tower in Fort Worth, Texas, for a total purchase price of approximately $1.1B in cash from a joint venture operated by Crescent Real Estate Holdings. The company expects to fund the transaction on a leverage neutral basis through proceeds from a common stock issuance, as well as the anticipated sale of non-core assets and mortgage financing. The acquisition is anticipated to close by mid-September.

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