Cousins Properties Inc. (CUZ) said Wednesday that it has acquired 2100 Ross Avenue, an 844,000-square-foot, Class-A office building located in the Arts District submarket of Dallas, Texas.
The Company purchased the office tower at a foreclosure auction for a net purchase price of $59.2 million. Cousins had previously acquired a $10 million B-note backed by 2100 Ross Avenue in an off-market transaction.
The property is currently 67% leased to a diverse tenant base, including CBRE, Prudential Mortgage Capital and Bank of America Merrill Lynch.
Cousins plans to reposition the property through a comprehensive capital improvement plan that implements a variety of common area and amenity-oriented enhancements. The plan also will leverage the building's excellent location adjacent to Dallas' leading cultural venues and the new 5.2-acre Clyde Warren Park, which now connects the Arts District to Uptown Dallas.
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