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.
Vice President, Finance and Investor Relations
SOURCE Cousins Properties