Billion-Dollar Office Building Deal Includes Fort Worth

Tuesday, Jul 30, 2013  |  Updated 1:17 PM CDT
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Billion-Dollar Office Building Deal Includes Fort Worth

Crescent Real Estate Equities, LLC

777 Main Street, Fort Worth, is one of the buildings being sold in a portfolio from Crescent.

Cousins Properties Inc. has reached a deal to buy a portfolio of 11 office buildings in Texas for $1.1 billion in cash.

It's a move that expands the Atlanta-based office and retail property owner's operations.

The deal includes 10 buildings with 4.4 million square feet of office space in Houston, as well as a 980,000 square-foot office tower in Fort Worth.

The Fort Worth office included in the deal, located at 777 Main Street, was previously named Carter Burgess Plaza.

The properties are being sold by a joint venture run by Crescent Real Estate Holdings LLC.

Cousins said Monday that it expects to fund the transaction through a combination of mortgage financing, the sale of non-core assets and stock sale proceeds.

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