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Cousins Properties Agrees to Sell Charlotte’s Hearst Tower for $456M
Cousins Properties has agreed to sell Hearst Tower, a 47-story, 970,000-square-foot office building in Uptown Charlotte for $455.5 million.
Truist Financial Corporation, a merger between BB&T and SunTrust, has exercised its option to purchase the property. The building will serve as Truist’s headquarters and the company will occupy 561,000 square feet of the tower, filling space being vacated by Bank of America Corp., Hearst Communications and K&L Gates. The transaction is expected to close in March 2020.
“Truist’s decision to consolidate its operations in Charlotte and to acquire this signature office tower is the latest in a long list of major corporate relocations to Cousins’ Sun Belt markets and highlights the quality of our portfolio,” said Colin Connolly, CEO at Cousins Properties. “We are excited about recent momentum and look forward to future growth opportunities in Charlotte.”
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- ◦Sale/Acquisition
