{"id":1004143164,"date":"2016-04-29T10:55:32","date_gmt":"2016-04-29T18:55:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004143164"},"modified":"2022-12-03T20:31:56","modified_gmt":"2022-12-04T04:31:56","slug":"cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound\/","title":{"rendered":"Cousins, Parkway Bank on Sun Belt"},"content":{"rendered":"

By Paul Rosta<\/p>\n

\"Cousins<\/a>

Cousins Properties’ 1.4 million-square-foot Post Oak Central complex in Houston would become part of a new REIT as part of a merger agreement with Parkway Properties.<\/p><\/div>\n

Moving to expand their Sun Belt footprint and consolidate their holdings in hard-hit Houston, Cousins Properties Inc. and Parkway Properties Inc. struck a deal to merge while spinning off their Houston assets into a separate REIT, the companies announced on Friday.<\/p>\n

Cousins would gain Parkway\u2019s assets outside of Houston and continue to be led by Larry Gellerstedt, the company\u2019s president & CEO. Expected to close during the fourth quarter, the proposed stock-for-stock deal and REIT spinoff would create a portfolio comprising 41 properties and totaling 15.8 million feet. Cousins shareholders will own 52 percent of the company and of the Houston spinoff; Parkway investors would own the remaining 48 percent, the companies said.<\/p>\n

\"Larry<\/a>

Larry Gellerstedt, Cousins president & CEO<\/p><\/div>\n

\u201cWe firmly believe our shareholders will benefit by having an expanded portfolio of office towers in key urban submarkets, greater tenant and geographic diversity and enhanced access to the capital markets,\u201d Gellerstedt explained in the statement announcing the deal.<\/p>\n

Atlanta would continue to anchor Cousins\u2019 portfolio, accounting for 49 percent of its assets, up slightly from 44 today. After Atlanta, the second largest share of Cousins\u2019 portfolio would be Charlotte, N.C. (16 percent), Austin, Texas (12 percent) and Tampa, Fla. (11 percent).<\/p>\n

Cousins Properties would gain Tempe Gateway in Tempe, Ariz., as part of its proposed merger with Parkway Properties.<\/p>\n

By acquiring most of Parkway\u2019s assets, Cousins would gain a presence in three major Florida markets\u2014Orlando, Tampa and Miami\u2014for the first time, and would also establish a footprint in Phoenix. The two REITs have several markets in common, including Atlanta, Austin, Texas, Charlotte, N.C., and Houston. Parkway\u2019s portfolio also includes assets in Houston, Austin, Texas, Jacksonville, Fla., Atlanta, Charlotte, N.C., and Philadelphia.<\/p>\n

\"Cousins<\/a>

Cousins Properties would gain Tempe Gateway in Tempe, Ariz., as part of its proposed merger with Parkway Properties.<\/p><\/div>\n

A centerpiece of the deal is the plan for both companies to combine their holdings in Houston\u2019s office market, which has been hit hard by the slumping energy sector. The Houston assets would be moved into a 19-building, 8.7 million-square-foot public REIT with the working name HoustonCo. Led by Jim Heistand, Parkway\u2019s CEO, the new entity would benefit from the quality of the properties and economies of scale, the executives said in a presentation on Friday morning.<\/p>\n

HoustonCo would consist of three properties contributed by Parkway and two owned by Cousins. Largest among them is Greenway Plaza, a 10-building, 4.4 million-square-foot complex owned by Cousins about five miles southwest of downtown Houston. Parkway\u2019s largest Houston property is CityWestPlace, which consists of four buildings developed between 1993 and 2001 and totaling 1.5 million square feet.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The deal would expand Cousins\u2019 footprint in the trophy office market and create a new REIT combining the companies’ holdings in hard-hit Houston.<\/p>\n","protected":false},"author":445,"featured_media":1004143167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21808,1589,21742,21747],"tags":[],"class_list":["post-1004143164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-featured","category-houston","category-latest","category-office"],"acf":[],"yoast_head":"\nCousins, Parkway Bank on Sun Belt - 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\/cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cousins, Parkway Bank on Sun Belt\" \/>\n<meta property=\"og:description\" content=\"The deal would expand Cousins\u2019 footprint in the trophy office market and create a new REIT combining the companies' holdings in hard-hit Houston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound\/\" \/>\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=\"2016-04-29T18:55:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T04:31:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/Tempe-Gateway_Parkway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cousinsparkway-deal-banks-on-sun-belts-growth-houstons-rebound\/\",\"name\":\"Cousins, Parkway Bank on Sun Belt - 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