Ninety One Peachtree Tower: Cousins Selling 50-Story One

In Atlanta, Cousins Properties is selling One Ninety One Peachtree, a major Atlanta skyscraper developed by Hines in the early 1990s.

Banyan Street Capital, in partnership with Oaktree Capital Management, is slated to purchase the 50-story, 1.2 million-SF tower in downtown Atlanta, as stated by the Atlanta Business Chronicle.

Meanwhile, Atlanta-based Cousins is preparing to sell its major office holdings in Houston. The Houston buildings, a total of more than 8.7 million SF, are being conveyed as part of Cousins purchase of another REIT, Parkway Properties of Orlando.

In October, Cousins will buy the Parkway Properties company for $2 billion. The Houston office buildings will be spun off into a newly created REIT. The new REIT will own five Houston office projects: the 10-building 4.4. million SF Greenway Plaza, the 1.3 million SF Post Oak Central, the 627,000-SF Phoenix Tower in Houston, the 980,000-SF San Felipe Plaza and the 1.5 million SF CityWest Place in Westchase.