{"id":1004081271,"date":"2013-08-05T06:50:43","date_gmt":"2013-08-05T14:50:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=156024"},"modified":"2022-03-08T18:20:28","modified_gmt":"2022-03-09T02:20:28","slug":"cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\/","title":{"rendered":"Cousins Acquires Fort Worth Tower as Part of $1.1B Deal"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/em><\/p>\n

Cousins Properties Inc. has entered into an agreement to purchase 777 Main <\/a>St<\/a>., a 980,000-square-foot Class A office tower in Fort Worth, from a joint venture operated by Crescent Real Estate Holdings L.L.C.<\/p>\n

As part of the deal, the Atlanta-based REIT will buy Greenway Plaza, a 10-building, 4.4 million-square-foot office\"\"<\/a> portfolio, in Houston. The properties will be acquired for an aggregate purchase price of approximately $1.1 billion, to be paid in cash, according to official statements.<\/p>\n

“Greenway Plaza and 777 Main St. 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 & CEO 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.”<\/p>\n

The acquisition is expected to close by mid-September 2013.<\/p>\n

Located in the southeast quadrant of Fort Worth’s CBD, the 40-story green glass-paneled office building is home to a mix of quality tenants, including Jacobs Engineering Group Inc., FTS International Services L.L.C., The Petroleum Club as well as many law firms and energy companies. The year-end occupancy for the property is projected at 72 percent.<\/p>\n

Cousins has also undertaken a major renovation of an iconic skyscraper in Downtown Dallas that the company bought in August 2012, according to The Dallas Morning News<\/em><\/a>.<\/p>\n

Dubbed 2100 Ross, the 33-story, 844,000-square-foot, Class A office building is located at Ross Avenue and Pearl Street, just steps from the new Klyde Warren Park, which connects the Arts District to Uptown.<\/p>\n

Cousins has signed leases totaling more than 210,000 square feet, bringing the building to 81 percent occupancy, up from 67 percent at the time of purchase.<\/p>\n

Photo credits: Crescent<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cousins Properties Inc. has entered into an agreement to purchase 777 Main St., a 980,000-square-foot Class A office tower in Fort Worth, from a joint venture operated by Crescent Real Estate Holdings L.L.C.<\/p>\n","protected":false},"author":39,"featured_media":1004506822,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21742],"tags":[],"class_list":["post-1004081271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-latest"],"acf":[],"yoast_head":"\nCousins Acquires Fort Worth Tower as Part of $1.1B Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cousins Acquires Fort Worth Tower as Part of $1.1B Deal\" \/>\n<meta property=\"og:description\" content=\"Cousins Properties Inc. has entered into an agreement to purchase 777 Main St., a 980,000-square-foot Class A office tower in Fort Worth, from a joint venture operated by Crescent Real Estate Holdings L.L.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-05T14:50:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-09T02:20:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/777-Main-Fort-Worth-via-Crescent.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Cousins Acquires Fort Worth Tower as Part of $1.1B Deal\",\"datePublished\":\"2013-08-05T14:50:43+00:00\",\"dateModified\":\"2022-03-09T02:20:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/\"},\"wordCount\":303,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/777-Main-Fort-Worth-via-Crescent.jpg\",\"articleSection\":[\"Dallas\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cousins-acquires-fort-worth-tower-as-part-of-1-1b-deal\\\/\",\"name\":\"Cousins Acquires Fort Worth Tower as Part of $1.1B Deal - 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