“The combination of these two highly complementary companies creates the preeminent Sun Belt office REIT with a best-in-class balance sheet. The company will own an unmatched portfolio of trophy office properties in the premier submarkets of Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa,” said Colin Connolly, President and Chief Executive Officer of Cousins. “In addition, the company will be uniquely positioned to drive superior value for shareholders through its highly pre-leased existing development pipeline and well-located strategic land holdings for future development.”
Each of the Board of Directors of Cousins and TIER have unanimously approved the merger. Cousins’ Board of Directors will be increased to eleven members upon closing, with two additions from TIER’s Board of Directors, one of which will be Scott Fordham. Larry Gellerstedt, Cousins’ Executive Chairman of the Board of Directors, will serve as Executive Chairman of the Board of Directors of the combined company. Colin Connolly, Cousins’ President and Chief Executive Officer, and Cousins’ existing senior management team will continue to lead the combined company.
Upon completion of the merger, the company will retain the Cousins name and will trade under the ticker symbol CUZ (NYSE). The combined company’s headquarters will be located in Atlanta.
Annual net G&A savings are anticipated to be approximately $18.5 million, to be realized immediately upon closing. These savings will be derived primarily through the elimination of duplicative costs associated with supporting a public company platform as well as the elimination of duplicative costs in the markets where both companies have an existing presence. In addition, the combined company also anticipates realizing operational and leasing synergies through increased market scale.