Cousins Properties plans to acquire Vantage South End, a lifestyle office property in Charlotte, for $328.5 million. This transaction is expected to close in December, pending customary closing conditions.
Vantage South End, located in the vibrant South End submarket, features two 11-story office towers that were completed in 2021 and 2022. Currently, the property boasts a 97% occupancy rate with a weighted average lease term exceeding nine years.
The acquisition strengthens Cousins Properties' footprint in Charlotte, placing it just two blocks away from its existing RailYard property and its South End Station development parcel. This prime location not only offers direct access to transportation hubs but also positions Cousins within a growing cluster of valuable assets in a high-demand area.
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CEO Colin Connolly said the REIT is purchasing the property in an off-market transaction "at a meaningful discount to replacement cost, and at a price that will be immediately accretive to earnings."
This acquisition also solidifies Cousins' position as a key player in the Sun Belt's commercial real estate landscape. As the office market continues to evolve post-pandemic, the deal signals confidence in the long-term viability of amenity-rich office properties located in prime urban settings.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
