Cousins Properties (CUZ) acquires $145 million office property in Tampa.
Cousins Properties Inc. (CUZ) announced today that it has acquired Heights Union, a 294,000 sf mid-rise office property located in the historic Heights neighborhood of downtown Tampa. The purchase price was $144.8 million. Heights Union was completed in late 2020 and is currently 93.4% leased with life science tenants (Pfizer, Axogen) representing 66% of the rent roll. White & Case also leases approximately 14% of the building for a global operations center.
"Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an outstanding rent roll," said Colin Connolly, President and Chief Executive Officer of Cousins. "We continue to respond to what our customers are telling us they want – authentic, efficient and interesting properties in highly-amenitized locations that appeal to their employees."
Founded in 1958, Cousins Properties is an established owner, manager, and developer of Class-A mid-rise office properties across the Southern U.S. The company's current portfolio includes interests in 36 properties with 19.6 million square feet of GLA. As of June 30, 2021, CUZ had a total market capitalization of approximately $7.5 billion.
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"Heights Union represents a compelling opportunity to acquire a unique property in an emerging submarket with an outstanding rent roll," said Colin Connolly, President and Chief Executive Officer of Cousins. "We continue to respond to what our customers are telling us they want – authentic, efficient and interesting properties in highly-amenitized locations that appeal to their employees."
Founded in 1958, Cousins Properties is an established owner, manager, and developer of Class-A mid-rise office properties across the Southern U.S. The company's current portfolio includes interests in 36 properties with 19.6 million square feet of GLA. As of June 30, 2021, CUZ had a total market capitalization of approximately $7.5 billion.
10/04/2021