Cousins Properties Inc (NYSE:CUZ) Signs 14-Year Lease With We Work; Sells Miami & Orlando Office Properties

Cousins Properties Inc (NYSE:CUZ) recently signed a 14-year lease for a 660,000 square feet office tower in Atlanta’s Buckhead submarket and for a space of 48,000 square feet at Terminus 100. A lot is happening with the company selling its Miami and Orlando office properties a few days ago and also starting trading ex-dividend very recently.

WeWork is renowned for creating collaborative and innovative office environments. According to the Chairman and Chief Executive Officer of Cousin Properties in Atlanta, Larry Gellerstedt, they are thrilled that WeWork selected Terminus as their next location in the city.

Gellerstedt further added that Cousins are looking forward to keeping on partnering with the enterprising global company for long years ahead. Cousins Properties is a self-administered, and self-managed, fully integrated real estate investment trust (REIT). The company mostly invests in Class-A office towers that are located in the Sunbelt markets having high growth potential.

The company recently announced that it will resume trading ex-dividend from December 29, 2017. Cousins Properties will be paying $0.06 per share dividend in cash on January 12, 2018.

Cousin Properties Sells Miami & Orlando Properties

Recently the real estate trust declared that it has completed the sale of its two prominent properties. The company sold the Orlando office portfolio consisting of Bank of America Center, One Orlando Center and Citrus Center at a gross price of $208.1 million.

The company also sold 20% of its stake in Miami’s 343, 000 square feet- Courvoisier Center recently. Cousin Properties sold the interest for $33.9 million to the JV partner. The overall deal also included the company’s JV mortgage debt amount of $22, 176,000. The interest in the office property in Miami was acquired by the company during the Parkway Properties merger.

However, with the sale of these assets, Cousin Properties do not have any ownership interest in Miami. The company has been trying hard to optimize its portfolio holding by disposing and buying out properties. However, the dispositions have created dilutive effects on its earnings.

Abbott Michael

Abbott Michael

Michael joined US Markets Daily in 2009 and is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments.