CUZ - Cousins Properties Announces Office Acquisition In Tampa

PR Newswire

ATLANTA , Oct. 4, 2021 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it has acquired Heights Union, a 294,000 square foot office property in the historic Heights neighborhood of Downtown Tampa for $144.8 million .

The Heights is a unique live-work-play district that has emerged as one of Tampa's signature gathering spots. It serves as the northern terminus for the 2.6-mile Tampa Riverwalk that runs alongside the Hillsborough River. The district is anchored by Armature Works, an adaptive re-use of the former Tampa streetcar facility, that includes over 20 restaurants and bars.

Heights Union was competed in late 2020 and is currently 93.4% leased with life science customers representing 66% of the rent roll. Pfizer leases 106,000 square feet for a Global Capability Hub and Axogen leases 75,000 square feet for its second headquarters and lab space.

"Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an outstanding rent roll," said Colin Connolly , President and Chief Executive Officer of Cousins. "We continue to respond to what our customers are telling us they want – authentic, efficient and interesting properties in highly-amenitized locations that appeal to their employees."

Please refer to the Investor Relations page of Cousins' website for a presentation with additional information on the transactions 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 Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com .

CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com

SOURCE Cousins Properties