In a notable development, Cousins Properties Incorporated CUZ announced that it has inked 2 new lease deals, spanning around 64,000 square feet, at Greenway Plaza in Houston, TX. These lease deals at high rents underscores the appeal of Greenway Plaza and will likely be accretive to the Atlanta, GA-based real estate investment trust (“REIT”), going forward.
Under the first lease deal, the Houston-based tenant, an existing customer, will shift to a space of 48,000 square feet at Greenway Plaza Three from that of 44,000 square feet at 3800 Buffalo Speedway, for a period of 10 years. Per the second lease, a publishing firm at 3800 Buffalo Speedway has signed a deal for seven and half years, covering 16,000 square feet.
Cousins Properties is engaged in the acquisition, ownership, development and management of upscale office and retail properties throughout the Sunbelt markets of the U.S., with special focus on Georgia, Texas and North Carolina. The company experiences a solid demand for its properties and has high-end tenants in its roaster. The REIT generally enters into long-term leases with these companies, and this strategy shields it from short-term market swings that have weighed on other players in the industry.
Cousins Properties currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Ashford Hospitality Trust, Inc. AHT and Ashford Hospitality Prime, Inc. AHP. All three stocks sport a Zacks Rank #1 (Strong Buy).
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COUSIN PROP INC (CUZ): Free Stock Analysis Report
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