Cousins, Mirant Work Out Lease Deal

ATLANTA-Cousins Properties Inc. and JPMorgan Chase & Co., co-owners of the 12-story, 363,000-sf 1155 Perimeter Center West building, custom built for utility provider Mirant Corp. two years ago, have reached an agreement with the tenant in restructuring a 15-year-lease that has an aggregate value of $480 million.

Mirant agrees to reduce its total space in the Dunwoody, GA building to 216,000 sf for three years at an effective first-year rent of $14.50 per sf and an additional 50 cents-per-sf in the last two years, Cousins Office Division president Craig Jones says in a prepared statement.

Mirant also agrees not to dispute an unsecured back-rent claim by Cousins and JPMorgan totaling $16.7 million. Mirant filed for Chapter 11 protection under the US Bankruptcy Code July 14. The bankruptcy court in Fort Worth, TX still has to approve the lease restructuring.