Cousins Properties (CUZ) to acquire TIER REIT in stock swap.

Atlanta-based Cousins Properties (CUZ) announced today that it will acquire TIER REIT (TIER) in a stock-for-stock merger transaction, creating a $7.8 billion enterprise value Class-A office REIT focusing on sunbelt markets across the U.S.  The transaction is expected to result in $18.5 million of annual G&A savings, primarily through elimination of public company expenses at TIER.  Additional benefits include better market diversity (Atlanta decreases from 41% of RSF to 31%), and increased development opportunities through TIER's land bank.

Subject to shareholder approval, the transaction in expected to close in 3Q'19.