Cousins Properties has made a major purchase in the Dallas-Fort Worth office sector, a market that's showing one of the strongest recoveries since the pandemic.
The REIT paid $218 million for luxury office asset, The Link, located in the Uptown submarket. So far in the year-to-date, this marks the largest office buy in the Dallas-Fort Worth area, according to Newmark, which arranged the transaction. Kaizen Development Partners was the seller of the property.
The Link was originally built in 2021 and spans 292,000 square feet. Some tenants at the Class AA property include PMG, McGuireWoods and Houlihan Lokey.
The Link is known for its location above an amenity floor that features a customer lounge, an outdoor terrace, a fitness center and a conference center.
Importantly, Newmark noted that all of the leases were signed after the pandemic, which the broker noted presents "significant opportunity for future rent growth."
Add that to the fact that the Dallas-Fort Worth area is one of the most premier office markets in the country. According to Newmark, the region in the nation ranks in the top three for return to office, first in forecasted employment and population growth through next year and has posted the strongest job recovery since the pandemic.
The Link sold at a higher price than Shorenstein Investment Advisers' purchase of 320,000 square foot Sterling Plaza, which sold in July and was the previous Dallas office record for 2025, according to Newmark.
"This transaction is a resounding endorsement for Dallas-Fort Worth and a clear indicator of the market's strength," Chris Murphy, vice chairman of Newmark, noted of The Link sale.
"The outcome achieved here underscores investor conviction for best-in-class office and is a testament to the exceptional quality of the product delivered by our client, Kaizen. We look forward to the continued stewardship and success that The Link will experience under the new ownership of Cousins, one of the most respected and successful public REITs in the world today."
Also, in Dallas, Cousins operates other office properties, including 5950 Sherry Lane and Legacy Union. Outside of the city, its footprint extends to other major Sun Belt markets, including Austin, Phoenix, Atlanta, Charlotte, Nashville and Tampa.
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