Cousins Properties (NYSE: CUZ) and partner Commonwealth Partners have sold two office buildings in Austin, Texas, to an unnamed private equity fund for $78.7 million. . The Atlanta-based REIT reportedly received an unsolicited offer on the property, which previously wasn’t on the block.
The buildings, located at Austin Research Park, were completed in 2001 and total 358,000 sq. ft. They are 100% leased to Charles Schwab Corp. and Fisher-Rosemont Systems Inc. Cousins will continue to manage the properties as part of an agreement with the new owners.