DALLAS and ATLANTA – (Realty News Report) – Dallas-based Tier REIT is merging with Cousins Property of Atlanta to create a $7.8 billion real estate company with extensive holdings in southeastern and southwestern states.
After the combination, the firm will own 21 million SF of office space.
In Houston, Tier REIT owns the 835,000-SF BriarLake Plaza a two-building office project on Beltway 8 in Westchase.
The companies have significant buildings in Austin and Dallas, and are active in developing new Texas projects.. Also included in the portfolio are land parcels suitable for office development.
“The combination of these two highly complementary companies creates the preeminent Sun Belt office REIT with a best-in-class balance sheet. The company will own an unmatched portfolio of trophy office properties in the premier submarkets of Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa,” said Colin Connolly, President and Chief Executive Officer of Cousins. “In addition, the company will be uniquely positioned to drive superior value for shareholders through its highly pre-leased existing development pipeline and well-located strategic land holdings for future development.”
“This transaction will be transformative for both companies,” said Scott Fordham, Chief Executive Officer of TIER. “The alignment of high-quality properties and common geographic footprint in our respective portfolios will offer shareholders the opportunity to benefit from a truly differentiated Sun Belt focused office platform. In addition, with an enhanced balance sheet, our shareholders will be able to benefit from further value creation in Austin, Dallas and Atlanta with TIER’s pipeline of over 5 million square feet of development and redevelopment opportunities.”