In a long expected move, Cousins Properties Inc. (NYSE:CUZ) brought in Prudential Real Estate Investors (PREI) on its Terminus 200 development, the 565,000-square-foot Buckhead office tower currently under construction. Cousins said the capitalization of the venture, including debt, will be $172.5 million, which is expected to cover the construction cost of the building.
The Cousins-Prudential joint venture secured a $138 million construction loan placed with a syndicate of lenders. Wells Fargo served as administrative agent, Regions Bank served as syndication agent, and PNC Bank, Bank of North Georgia and Atlantic Capital Bank joined as additional participants. PREI is acting on behalf of institutional investors.
Terminus 200 is the second office building at Terminus and follows the April delivery of Terminus 100. Signed tenants at Terminus 100 include Bain & Co., Citigroup, CB Richard Ellis, Wachovia, Cumulus Media, Synovus, Atlantic Capital Bancshares, Wilmington Trust Corp., UBS and Premiere Global Services. The building is now more than 95% leased.
Plans for the 10-acre mixed-use project ultimately include more than 1 million square feet of office space, 125,000 square feet of restaurant and retail space, and more than 800 units of for-sale residential. The first residential building at the project - the 137-unit 10 Terminus Place - is also under construction and scheduled for delivery in summer 2008. Terminus 200 is slated to deliver in August 2009.
PREI is a real estate investment management and advisory firm managing $39.6 billion in gross assets (28.8 billion net) on behalf of more than 400 clients, ranking it among the largest real estate investment managers.
source: costar.com
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