ATLANTA – Cousins Properties is selling One Ninety One Peachtree, a major Atlanta skyscraper developed by Hines in the early 1990s.
Banyan Street Capital, in partnership with Oaktree Capital Management, is expected to purchase the 50-story, 1.2 million-SF tower in downtown Atlanta, according to the Atlanta Business Chronicle.
Meanwhile, Atlanta-based Cousins is preparing to sell its major office holdings in Houston. The Houston buildings – a total of more than 8.7 million SF – are being conveyed as part of Cousins purchase of another REIT, Parkway Properties of Orlando.
In October, Cousins will buy the Parkway Properties company for $2 billion. The Houston office buildings will be spun off into a newly created REIT. The new REIT will own five Houston office projects: the 10-building 4.4. million SF Greenway Plaza, the 1.3 million SF Post Oak Central, the 627,000-SF Phoenix Tower in Houston, the 980,000-SF San Felipe Plaza and the 1.5 million SF CityWest Place in Westchase.
Sept. 28, 2016 Realty News Report Copyright 2016