Cousins Properties announced it is under contract to acquire Vantage South End, a 639,000 square foot lifestyle office property in Charlotte, for $328.5 million. The transaction is expected to close in December, subject to customary closing conditions.
Vantage South End is 97% leased with a weighted average lease term of over nine years, indicating strong tenant commitment and stable income. CEO Colin Connolly stated the property is being purchased in an off-market transaction at a meaningful discount to replacement cost.
This acquisition is expected to be immediately accretive to earnings, enhancing Cousins Properties' portfolio quality and growing its presence in the dynamic Charlotte market. The focus on highly-amenitized lifestyle office assets aligns with the company's strategic objectives.
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