Cousins Properties announced the completion of its previously announced acquisition of Sail Tower, an 804,000 square foot trophy lifestyle office property in Austin, Texas. The net purchase price for the property was $521.8 million.
Sail Tower is 100% leased to a Fortune 20 company through 2038, providing a long-term and stable revenue stream. This acquisition significantly enhances Cousins' portfolio in the high-growth Austin market.
The successful closing of this transaction underscores Cousins Properties' commitment to acquiring high-quality, accretive assets in strategic Sun Belt locations. This move is expected to contribute positively to the company's earnings and market position.
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