ATLANTA (Dec. 30, 2014) – Cousins Properties didn't want to reveal which company is buying Cousins' 777 Main office tower in Fort Worth, Texas. The public REIT announced a week ago that it "entered into a binding purchase and sale agreement, with a non-refundable deposit."
The secret didn't last too long, though. A pesky lawsuit filed by a tenant at 777 Main provided priviledged information and ID'ed the buyer as Atlanta's own Brookdale Group. Sandra Baker of the Fort Worth Star-Telegram broke the news on Christmas Eve, while other CRE reporters were out of the office.
The lawsuit itself is interresting, but we won't focus on it. We are curious to find out why the venerable Cousins did not want to release the buyer's name. Brookdale, founded by several former Hines' executives, is a well-respected investment firm. Then again, maybe the REIT's reticence was forced because they new the lawsuit was coming.
Either way, it looks like a great deal for both the Atlanta REIT and Atlanta investment firm.
UPDATE: Cousins just issued a new press release confirming that the 777 Main office tower sale closed today for $167 million. The REIT bought it last year for $160 million. However, the release does not mention the buyer.