{"id":1004375090,"date":"2019-12-11T12:37:48","date_gmt":"2019-12-11T20:37:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004375090"},"modified":"2019-12-11T12:37:48","modified_gmt":"2019-12-11T20:37:48","slug":"truist-financial-buys-charlotte-hq-from-cousins-for-456m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/truist-financial-buys-charlotte-hq-from-cousins-for-456m\/","title":{"rendered":"Truist Financial Buys Charlotte HQ from Cousins for $456M"},"content":{"rendered":"
\"\"<\/a>

Hearst Tower. Image courtesy of Cousins Properties<\/em><\/p><\/div>\n

Several months after leasing more than half a million square feet at Cousins Properties\u2019 970,000-square-foot Hearst Tower in Charlotte, N.C., Truist Financial Corp. has purchased the building in a $455.5 million transaction. The deal to form Truist Financial, the result of a merger betweeb BB&T Corp. and SunTrust Bank, was closed earlier this week.<\/p>\n

The new entity will house its headquarters at the 46-story, Class A office tower, where they leased 561,000 square feet<\/a> of space in a 15-year lease this past June. As part of the lease agreement, the firm had the option to purchase the building, located on N. Tryon Street near East 5th<\/sup> St. The deal is expected to close in March 2020.<\/p>\n

\n

READ ALSO: <\/strong>Columbia Property Trust to Buy San Francisco Tower for $239M<\/a><\/p>\n

\n

Cousins Properties had owned the property since 2012, when the firm acquired it from Bank of America in a $250 million deal. The LEED Certified Green Building was built in 2001 and is currently more than 97 percent occupied, according to Yardi Matrix data.<\/p>\n

Another office property just down the block from the Hearst Tower changed hands recently. In June, a joint venture of Nuveen and Crescent Communities paid $132.2 million for 101 North Tryon, a 546,878-square-foot office tower, from sellers Barings LLC and LRC Properties. The property was built in 1983 but had been recently renovated.<\/p>\n

Charlotte\u2019s office market has experienced an uptick in deals over the last several months, as a result of population growth and several companies relocating to the Queen City, including Honeywell and Lowe\u2019s. The city\u2019s booming financial sector and tech industry, in particular, have led to a big boost in office leasing<\/a>, according to a recent Yardi Matrix report on the metro.<\/p>\n","protected":false},"excerpt":{"rendered":"

A BB&T and SunTrust venture\u2014now Truist Financial\u2014exercised its option to purchase the nearly 1 million-square-foot office property.<\/p>\n","protected":false},"author":745,"featured_media":1004375096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21743,21808,21742,21747],"tags":[34627,33072,34336],"class_list":["post-1004375090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-deals","category-featured","category-latest","category-office","tag-bbt-bank","tag-cousins-properties-inc","tag-suntrust-bank"],"acf":[],"yoast_head":"\nTruist Financial Buys Charlotte HQ from Cousins for $456M - 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\/truist-financial-buys-charlotte-hq-from-cousins-for-456m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Truist Financial Buys Charlotte HQ from Cousins for $456M\" \/>\n<meta property=\"og:description\" content=\"A BB&T and SunTrust venture\u2014now Truist Financial\u2014exercised its option to purchase the nearly 1 million-square-foot office property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/truist-financial-buys-charlotte-hq-from-cousins-for-456m\/\" \/>\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=\"2019-12-11T20:37:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/12\/Hearst-Tower-1-e1576091288374.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\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\/truist-financial-buys-charlotte-hq-from-cousins-for-456m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/truist-financial-buys-charlotte-hq-from-cousins-for-456m\/\",\"name\":\"Truist Financial Buys Charlotte HQ from Cousins for $456M - 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