Cousins Properties to Acquire Lifestyle Office Property in South End Charlotte
Cousins Properties (NYSE: CUZ) has announced plans to acquire Vantage South End, a 639,000 square foot lifestyle office property in Charlotte, for $328.5 million. The property consists of two office towers completed in 2021 and 2022, boasting a 97% occupancy rate and over nine-year weighted average lease term. Located in South End Charlotte, the property is situated near Cousins' existing RailYard property and South End Station development parcel. The transaction is expected to close in December, pending customary closing conditions.
Cousins Properties (NYSE: CUZ) ha annunciato piani per acquisire Vantage South End, un immobile per uffici lifestyle di 639.000 piedi quadrati a Charlotte, per 328,5 milioni di dollari. La proprietà è composta da due torri per uffici completate nel 2021 e nel 2022, con una percentuale di occupazione del 97% e una durata media ponderata dei contratti di locazione superiore ai nove anni. Situata nel quartiere South End di Charlotte, la proprietà si trova nelle vicinanze dell'attuale proprietà RailYard di Cousins e del terreno di sviluppo South End Station. Si prevede che la transazione si chiuda a dicembre, subordinatamente alle consuete condizioni di chiusura.
Cousins Properties (NYSE: CUZ) ha anunciado planes para adquirir Vantage South End, una propiedad de oficinas estilo de vida de 639,000 pies cuadrados en Charlotte, por 328.5 millones de dólares. La propiedad consta de dos torres de oficinas completadas en 2021 y 2022, con una tasa de ocupación del 97% y un plazo de arrendamiento promedio ponderado de más de nueve años. Ubicada en South End Charlotte, la propiedad se sitúa cerca de la actual propiedad RailYard de Cousins y de la parcela de desarrollo South End Station. Se espera que la transacción se cierre en diciembre, sujeto a las condiciones habituales de cierre.
카즌스 프로퍼티스 (NYSE: CUZ)는 반테이지 사우스 엔드를 인수할 계획을 발표했습니다. 이 사무용 라이프스타일 부동산은 샬럿에 위치하고 있으며 면적은 639,000 평방피트로, 3억 2,850만 달러에 판매될 예정입니다. 이 부동산은 2021년과 2022년에 완공된 두 개의 사무실 타워로 구성되어 있으며, 97%의 점유율과 9년 이상의 가중 평균 임대 기간을 자랑합니다. 샬럿 사우스 엔드에 위치하며, 현재 카즌스의 RailYard 부동산 및 South End Station 개발 필지와 가까운 곳에 있습니다. 거래는 일반적인 마감 조건에 따라 12월에 마감될 것으로 예상됩니다.
Cousins Properties (NYSE: CUZ) a annoncé des projets pour acquérir Vantage South End, une propriété de bureaux de style de vie de 639 000 pieds carrés à Charlotte, pour 328,5 millions de dollars. La propriété est composée de deux tours de bureaux achevées en 2021 et 2022, affichant un taux d'occupation de 97% et une durée de bail moyenne pondérée de plus de neuf ans. Située dans le quartier South End de Charlotte, la propriété est proche de la propriété existante RailYard de Cousins et du terrain de développement de la South End Station. La transaction devrait se clôturer en décembre, sous réserve des conditions habituelles de clôture.
Cousins Properties (NYSE: CUZ) hat Pläne angekündigt, Vantage South End zu erwerben, eine Lifestyle-Büroimmobilie mit 639.000 Quadratfuß in Charlotte, für 328,5 Millionen Dollar. Die Immobilie besteht aus zwei Bürotürmen, die 2021 und 2022 fertiggestellt wurden, und hat eine Auslastung von 97% sowie eine gewichtete durchschnittliche Mietdauer von über neun Jahren. Die Immobilie befindet sich im South End von Charlotte, in der Nähe der bestehenden RailYard-Immobilie von Cousins und dem Entwicklungsgrundstück South End Station. Der Abschluss der Transaktion wird für Dezember erwartet, vorbehaltlich der üblichen Abschlussbedingungen.
- 97% occupancy rate indicates strong tenant demand
- Long-term revenue stability with 9+ year weighted average lease term
- Strategic location near existing Cousins properties
- Purchase price below replacement cost
- Transaction expected to be immediately accretive to earnings
- Significant capital outlay of $328.5 million
Insights
This strategic acquisition marks a significant expansion in Charlotte's premium office market. The
The location synergy with Cousins' existing RailYard property and South End Station development creates a compelling cluster effect, potentially enabling operational efficiencies and enhanced market presence. The Sun Belt focus aligns with broader market trends of business migration to lower-cost, high-growth markets. The immediate earnings accretion and below-replacement-cost purchase price suggest favorable deal economics that should benefit shareholders.
Charlotte's South End submarket has emerged as a premier destination for corporate tenants seeking modern, amenity-rich office spaces. The acquisition of this 639,000 square foot lifestyle office property positions Cousins to capitalize on the area's robust growth trajectory and increasing demand for premium office space. The property's recent completion (2021-2022) means minimal near-term capital expenditure requirements and modern features that attract quality tenants.
The off-market nature of the transaction suggests strong relationship-based deal sourcing capabilities and potentially more favorable pricing terms. This acquisition strengthens Cousins' competitive position in one of the Southeast's most dynamic office markets.
Vantage South End is located in the heart of the dynamic South End submarket and is approximately two blocks away from Cousins' existing RailYard property as well as its South End Station development parcel. The property is comprised of two office towers, which were completed in 2021 and 2022, and is currently
"We are excited to grow our presence in Charlotte with the acquisition of Vantage South End. We are purchasing the property in an off-market transaction at a meaningful discount to replacement cost, and at a price that will be immediately accretive to earnings," said Colin Connolly, President and Chief Executive Officer of Cousins Properties. "Cousins remains focused on identifying compelling opportunities to invest in highly-amenitized lifestyle office assets in the Sun Belt."
Please refer to the Investor Relations page of Cousins' website for a presentation with additional information on the transaction discussed in this release.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in
CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com
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SOURCE Cousins Properties
FAQ
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