Texas Office Portfolio Sold for $1.1 Billion

Texas Office Portfolio Sold for $1.1 Billion

Commercial News » Done Deals | By WPC Deals Team | July 31, 2013 11:46 AM ET

Cousins Properties Incorporated has purchased an office portfolio in Texas for approximately $1.1 billion from Crescent Real Estate Holdings.  

The portfolio includes two office projects -- Greenway Plaza in Houston, a 10-building, 4.4 million-square-foot office portfolio and 777 Main Street in Fort Worth, a 40-story, 980,000-square-foot office tower.  

With the purchase, Atlanta-based Cousins expanded its overall portfolio by more than 50 percent, becoming the largest publicly traded office REIT in Atlanta and Texas, according to the company. 

Cousins expects to fund the purchase with a common stock issuance, sale of non-core assets and mortgage financing. The deal is set to close in September 2013.

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