Cousins Properties, a fully integrated, self-administered and self-managed real estate investment trust (REIT) announced that Truist Financial Corporation, a merger between BB&T and SunTrust, has exercised its option to purchase Hearst Tower, an office property in the heart of the financial district in Uptown Charlotte from Cousins for $455.5 million.
The building will serve as Truist’s headquarters. The transaction is expected to close in the first quarter in 2020.
“Truist’s decision to consolidate its operations in Charlotte and to acquire this signature office tower is the latest in a long list of major corporate relocations to Cousins’ Sun Belt markets and highlights the quality of our portfolio,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties.
“We are excited about recent momentum and look forward to future growth opportunities in Charlotte,” he added.