Cousins Properties and TIER REIT to Merge, Form Major Office REIT
One BriarLake Plaza in Houston is part of the TIER REIT portfolio.
DALLAS and ATLANTA – Dallas-based TIER REIT is merging with Atlanta’s Cousins Properties to form a combined real estate company valued at approximately $7.8 billion, creating an expansive presence across the Sun Belt in both southeastern and southwestern states.
Following the merger, the combined company will own roughly 21 million square feet of office space, positioning it among the largest office-focused REITs in the region.
In Houston, TIER’s holdings include the 835,000-square-foot BriarLake Plaza, a two-building office complex located along Beltway 8 in the Westchase area.
Both firms also hold prominent properties in Austin and Dallas and are actively pursuing new development projects across Texas. The combined portfolio includes strategically located land parcels that are suitable for future office development and redevelopment.
“Bringing these two highly complementary companies together creates the preeminent Sun Belt office REIT with a best-in-class balance sheet,” said Colin Connolly, President and Chief Executive Officer of Cousins. “The combined company will own an unmatched collection of trophy office assets in leading submarkets such as Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa. Furthermore, the business will be uniquely positioned to deliver superior shareholder value through a highly pre-leased development pipeline and strategically located land holdings for future growth.”
“This transaction is transformational for both organizations,” said Scott Fordham, Chief Executive Officer of TIER. “The alignment of high-quality properties and overlapping geographies in our portfolios creates a differentiated Sun Belt-focused office platform for shareholders. With an enhanced balance sheet, shareholders will also benefit from additional value creation across Austin, Dallas and Atlanta through TIER’s development and redevelopment pipeline of more than five million square feet.”
