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  • Cousins Properties to Acquire Trophy Lifestyle Office Property in Downtown Austin | Press Releases

    Cousins Properties to Acquire Trophy Lifestyle Office Property in Downtown Austin | Press Releases

    ATLANTA, Dec. 10, 2024 /PRNewswire/ — Cousins Properties (NYSE: CUZ) announced today that it is under contract to acquire 601 West 2nd Street, also known as Sail Tower, an 804,000 square foot trophy lifestyle office property in Austin, for a net purchase price of $521.8 million.  The transaction is expected to close in December, subject to customary closing conditions.

    Sail Tower is located near the Second Street entertainment district in Downtown Austin and offers unobstructed views of Lady Bird Lake.  It is just a few blocks away from Cousins’ existing 1.7 million square foot Downtown Austin office portfolio, which is currently 93% leased. Sail Tower was developed in 2022 and the office space is 100% leased to a Fortune 20 company (S&P: AA+) through 2038.    

    “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  “Austin continues to exhibit strong demand fundamentals, attracting top talent and growing companies.  This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.”

    Please refer to the Investor Relations page of Cousins’ website for a presentation with additional information on the transaction discussed in this release.

    About Cousins Properties

    Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.

    CONTACT:

    Roni Imbeaux

    Vice President, Finance and Investor Relations

    404-407-1104

    rimbeaux@cousins.com

     

    Cision View original content:https://www.prnewswire.com/news-releases/cousins-properties-to-acquire-trophy-lifestyle-office-property-in-downtown-austin-302327587.html

    SOURCE Cousins Properties

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  • Independent luxury lifestyle hotel to open in downtown Phoenix

    Independent luxury lifestyle hotel to open in downtown Phoenix

    This audio is auto-generated. Please let us know if you have feedback.

    Dive Brief:

    • Pacific Hospitality Group, in partnership with Berger Holdings and JWG Investments, will open a 236-room luxury lifestyle hotel in downtown Phoenix in 2026, the Irvine, California-based company announced Monday. 
    • When completed, the hotel will feature 23,000 square feet of meetings and events space, an upscale restaurant and bar, a rooftop bar and pool deck with skyline views, a luxury spa, a fitness center and an upscale cafe. 
    • With the property, part of Pacific Hospitality Group’s Meritage Collection, its partners hope to “elevate” the hospitality offerings in downtown Phoenix, a market Pacific Hospitality Group believes “holds incredible growth potential.”

    Dive Insight:

    Minneapolis-headquartered construction firm Mortenson broke ground on the property earlier this month. Gensler is leading architecture for the hotel, while interior design firms Style Haus and Wild Muse are working on interiors inspired by the Arizona desert. 

    Darryl Berger, founder and CEO of Berger Holdings, said in a release that the hotel’s strategic location at downtown Phoenix’s Central Avenue and Adams Street will make it “a new hub for business, dining, and entertainment.” JWG Investments Managing Partner John Graham echoed the sentiment, adding: “This project will not only attract discerning travelers but also serve as a dynamic space for the community.” 

    Pouya Honari, head of investments at Pacific Hospitality Group, said the group is “particularly excited” about investing in the Phoenix market, “which we believe holds incredible growth potential.” 

    The hotel’s location falls within a Department of Housing and Urban Development-designated Opportunity Zone, which offers preferential tax treatment for some properties in locations that have experienced a lack of investment. 

    “This project supports the ongoing revitalization of downtown Phoenix,” Honari said in a statement. “We have great confidence in the future of this vibrant city and are committed to being a part of its dynamic growth.”

    Earlier this year, private equity real estate firm Henderson Park made a $705 million bet on the Phoenix market with its buy of the Arizona Biltmore resort. And another independent luxury hotel in Phoenix, Global Ambassador, opened its doors late last year. 

    The Phoenix metropolitan area has emerged as a leading destination for luxury and business travelers in recent years, experts previously told Hotel Dive. The number of visitors to the metro area grew 4.7% year over year to 46.7 million visitors in 2023, according to an economic impact report by Tourism Economics, and visitor spending increased to $12.9 billion, up 7.6% over the prior year. 

    Pacific Hospitality Group currently has 12 hotels in its portfolio, including Meritage Collection properties in Huntington Beach and Napa, California; Kauai, Hawaii; and Austin, Texas.

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  • Independent luxury lifestyle hotel to open in downtown Phoenix

    Independent luxury lifestyle hotel to open in downtown Phoenix

    This audio is auto-generated. Please let us know if you have feedback.

    Dive Brief:

    • Pacific Hospitality Group, in partnership with Berger Holdings and JWG Investments, will open a 236-room luxury lifestyle hotel in downtown Phoenix in 2026, the Irvine, California-based company announced Monday. 
    • When completed, the hotel will feature 23,000 square feet of meetings and events space, an upscale restaurant and bar, a rooftop bar and pool deck with skyline views, a luxury spa, a fitness center and an upscale cafe. 
    • With the property, part of Pacific Hospitality Group’s Meritage Collection, its partners hope to “elevate” the hospitality offerings in downtown Phoenix, a market Pacific Hospitality Group believes “holds incredible growth potential.”

    Dive Insight:

    Minneapolis-headquartered construction firm Mortenson broke ground on the property earlier this month. Gensler is leading architecture for the hotel, while interior design firms Style Haus and Wild Muse are working on interiors inspired by the Arizona desert. 

    Darryl Berger, founder and CEO of Berger Holdings, said in a release that the hotel’s strategic location at downtown Phoenix’s Central Avenue and Adams Street will make it “a new hub for business, dining, and entertainment.” JWG Investments Managing Partner John Graham echoed the sentiment, adding: “This project will not only attract discerning travelers but also serve as a dynamic space for the community.” 

    Pouya Honari, head of investments at Pacific Hospitality Group, said the group is “particularly excited” about investing in the Phoenix market, “which we believe holds incredible growth potential.” 

    The hotel’s location falls within a Department of Housing and Urban Development-designated Opportunity Zone, which offers preferential tax treatment for some properties in locations that have experienced a lack of investment. 

    “This project supports the ongoing revitalization of downtown Phoenix,” Honari said in a statement. “We have great confidence in the future of this vibrant city and are committed to being a part of its dynamic growth.”

    Earlier this year, private equity real estate firm Henderson Park made a $705 million bet on the Phoenix market with its buy of the Arizona Biltmore resort. And another independent luxury hotel in Phoenix, Global Ambassador, opened its doors late last year. 

    The Phoenix metropolitan area has emerged as a leading destination for luxury and business travelers in recent years, experts previously told Hotel Dive. The number of visitors to the metro area grew 4.7% year over year to 46.7 million visitors in 2023, according to an economic impact report by Tourism Economics, and visitor spending increased to $12.9 billion, up 7.6% over the prior year. 

    Pacific Hospitality Group currently has 12 hotels in its portfolio, including Meritage Collection properties in Huntington Beach and Napa, California; Kauai, Hawaii; and Austin, Texas.

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