King & Spalding advised Cousins Properties Incorporated on its $1.1 billion transformative acquisition of real estate portfolios in Houston and Fort Worth, Texas, from a joint venture operated by Crescent Real Estate Holdings LLC. The properties are Greenway Plaza, a 10-building, 4.4 million-square-foot office portfolio in Houston, and 777 Main Street, a 40-story, 980,000-square-foot Class-A office tower in Fort Worth. The transaction was announced on July 29, 2013 and closed on September 9, 2013.
As part of the financing plan for Cousins’ acquisition, King & Spalding also advised Cousins on a $950 million term loan facility with JPMorgan Chase Bank, N.A. and Bank of America, N.A., and a $690 million common stock issuance.
More information about the transaction is available here.
The King & Spalding team involved in the transaction was led by corporate partner Alan Prince. The real estate team members advising on the acquisition of Greenway Plaza and 777 Main Street were partners Tim Goodwin and Kristina Thomas, counsel Chris McCoy and associates Gautam Huded and Michele Kim.
Finance team members advising on the $950 million term loan facility, which was entered into on July 29, consisted of partners Chip Conrad and Craig Lee and counsel Jenny Miller. Corporate team members advising on Cousins’ common stock issuance of 69 million shares, which closed on August 5, consisted of Prince, counsels Matt Bozzelli and Laura Hewett and corporate associates Will Ledbetter and Jake Robinson, as well as real estate counsel Susan Foxworth.
