Sold: 777 Main in Fort Worth
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Cousins Properties entered an agreement to sell 777 Main in Fort Worth by year’s end, but so far the firm is keeping mum on who’s buying, according to a company statement. Cousins bought the 980k SF Class-A office tower as part of a $1.1B portfolio purchase along with the 10-building, 4.4M SF Greenway Plaza in Houston from Crescent Real Estate Holdings in July 2013. A Fort Worth broker familiar with the deal tells us the potential buyer is an institutional owner with properties across the country. "It's good news for Fort Worth that the city is attracting buyers with a long-term approach. That's good for tenants or those looking to lease," the broker tells us. Additionally, this buyer could look at acquiring other assets in Fort Worth. The seller is no surprise because Cousins issued a statement in August that it would begin marketing the non-core asset after Labor Day. The 75% occupied office tower is valued at $120M by the Tarrant County Appraisal District.