According to a news release, Northpark is a 1.5 million-square-foot, Class A complex in the heart of the Central Perimeter market. It has 87 percent occupancy with in-place rents below market. Cousins’ leasing team has already secured an executed letter of intent for 68,000 square feet. The deal is expected to close Oct. 1.
The transaction was one of several the company is participating in as part of its strategic portfolio repositioning plan.
During a 10-day period starting in late July, Cousins signed definitive agreements to acquire Northpark and the Fifth Third Center in Charlotte, N.C., a 698,000-square-foot office tower under contract for $215 million. These acquisitions will be funded with proceeds from the company’s recently completed common equity offering, and the anticipated sale or joint venture of certain assets.
“When these transactions are complete, our property portfolio will be located exclusively in our five targeted Sunbelt markets,” Cousins President and CEO Larry Gellerstedt said in a statement. “We will have a portfolio of unsurpassed quality in our markets, supported by an exceptionally strong balance sheet that we believe is ready for whatever lies ahead.”