Cousins Inks Lease Deal With FLEETCOR For Atlanta Property
Zacks Investment Research | Apr 03, 2019 01:15AM ET
Cousins Properties Incorporated (NYSE:CUZ) is witnessing solid activity in the Buckhead sub-market in recent months and most recently, signed a lease deal with FLEETCOR Technologies, Inc. (NYSE:FLT) . The long-term lease is for 46,000 square feet of space at Terminus 100, which is a 660,000-square-foot office tower positioned in the Buckhead sub-market of Atlanta.
Management noted that established technology-driven companies are largely aiding solid activity in this sub-market and specifically in the Piedmont Road corridor. Cousins Properties is not only gaining from this encouraging activity, but also recently grabbed headlines, having announced a merger agreement with TIER REIT, Inc. (NYSE:TIER) for combining in a 100% stock-for-stock deal that will create a Sun Belt-focused Class A office REIT, with total market capitalization of nearly $7.8 billion.
The transaction is anticipated to close in third-quarter 2019. Upon merger completion, equity ownership for Cousins and TIER stockholders will be nearly 72% and 28% of the combined company’s stock. Post merger, Cousins Properties will retain its name and ticker, and be headquartered in Atlanta, GA.
This move will create a larger company with a combined portfolio of more than 21 million square feet spanning across the Sun Belt region, better positioning it to absorb market cycles. It will deepen Cousins Properties’ portfolio of trophy office assets in Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa, making it a leading owner in the fast-growing Sun Belt region.
Along with a complementary geographic footprint, the combined company will have a strong balance sheet, a highly pre-leased development pipeline and significant land holdings in strategic locations that provide opportunities for future development. (Read more: Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.