ATLANTA--([ BUSINESS WIRE ])--Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the acquisition of Promenade Two, a 774,000-square-foot, Class-A office building located in the Midtown submarket of Atlanta, Georgia, for $134.7 million in cash. The Company expects to fund the acquisition on a leverage-neutral basis.
"Promenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation"
The building, currently 58% leased due to its anchor tenant recently vacating, has a high quality tenant base with no material lease expirations until 2016.
aPromenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation,a said Larry Gellerstedt, President and Chief Executive Officer of Cousins. aWe now have a trophy offering in all three urban submarkets along the Peachtree Corridor, furthering our strategic goal of upgrading the portfolio as we recycle out of older, stabilized assets.a
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail development projects. Since its founding in 1958, Cousins has developed 20million square feet of office space, 20million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT)and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit [ www.cousinsproperties.com ].
This press release does not constitute an offer of any securities for sale. Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousinsa financial statements and notes thereto, as well as the risk factors described in PartI, Item1A of the Companyas Annual Report on Form 10-K for the year ended December31, 2010 and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.