Cousins acquired 300 South Tryon, a 25-story, 638,000-square-foot building at 300 S. Tryon St., for $317.5 million. Barings was the seller.
The tower is 100% leased, with a weighted-average lease term of 6 years. It was developed in 2017 by The Spectrum Cos. as Barings’ global headquarters.
The acquisition will be funded with a combination of non-core asset sales, debt financing and settlement of common shares previously issued on a forward basis under Cousins’ ATM program. The firm is currently under contract to sell a land parcel at 303 Tremont Ave. and Harborview Plaza in Tampa, Florida, for combined gross proceeds of $63.2 million.
CBRE’s Patrick Gildea and Matt Smith represented Cousins in the transaction. Barings did not have brokerage representation.
Cousins has invested hundreds of millions of dollars in the Charlotte office market over the last several years, acquiring and renovating several high-profile properties in uptown and South End.
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