ATLANTA, June 12, 2019 /PRNewswire/ -- Cousins
Properties (NYSE: CUZ) announced today that it has signed a
15-year, 561,000 square-foot lease for the proposed combined
corporate headquarters of BB&T Corporation (NYSE: BBT) and
SunTrust Banks, Inc. (NYSE: STI) at Hearst Tower in Uptown
Charlotte.
"Cousins is thrilled to partner with BB&T and SunTrust on
their new corporate headquarters in Charlotte," said Colin Connolly, President and Chief Executive
Officer of Cousins Properties. "Our local team provided a creative
solution for the soon to be sixth-largest US commercial bank while
creating long-term value for our shareholders. BB&T and
SunTrust's decision further validates Cousins' strategy to own
trophy office towers in the best urban submarkets throughout the
Sun Belt."
Chris Brogden, Executive Vice
President of BB&T Enterprise Support Services, also commented,
"We are delighted that this signature building in Uptown Charlotte
will become the headquarters of the proposed merger of equals
between BB&T and SunTrust. Cousins Properties' commitment and
dedication to find a solution for our needs was greatly
appreciated."
BB&T and SunTrust will take occupancy of the space in phases
beginning in August 2019 and
finishing in June 2021. Bank of
America, as well as other customers currently occupying the newly
leased space, will move out to accommodate the combined company's
phased move-in. The lease includes an option for BB&T and
SunTrust to purchase the property from Cousins for $455.5 million. This one-time purchase option is
exercisable through the fourth quarter of 2019, and if exercised,
the purchase will close during the first quarter of 2020.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and
self-managed real estate investment trust (REIT). The Company,
based in Atlanta, GA and acting
through its operating partnership, Cousins Properties LP, primarily
invests in Class A office towers located in high-growth Sun Belt
markets. Founded in 1958, Cousins creates shareholder value through
its extensive expertise in the development, acquisition, leasing
and management of high-quality real estate assets. The Company has
a comprehensive strategy in place based on a simple platform,
trophy assets and opportunistic investments. For more information,
please visit www.cousins.com.
CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com
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SOURCE Cousins Properties