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Bank of America Plaza, Frost Tower In Play

ATLANTA-The trophy properties, totaling 1.78 million sf, are being put on the market because Cousins Properties Inc. estimates their value has been maximized over the past 14 years. Bank of America is a 50% partner in Downtown Atlanta's 1.25-million-sf Bank of America Plaza. Prudential Insurance Co. of America is a 10% partner in Austin's 530,000-sf Frost Tower.

By Alex Finkelstein | Updated on May 04, 2006

ATLANTA-Two trophy office properties–one in the Southeast, the other in the Southwest—are on the market today and are expected to generate sales prices that will set a record for Atlanta and Austin, TX commercial real estate, sources in a position to know tell GlobeSt.com.

The properties are the 1.25-million-sf, 100%-leased Bank of America Plaza in Downtown Atlanta and the 530,000-sf, 33-story Frost Tower in Austin, TX. Locally based Cousins Properties Inc. and Bank of America are 50-50 partners in the ownership of the 1,023-foot tall Bank of America Plaza. Prudential Insurance Co. of America owns a 10% interest in Frost Tower; Cousins owns 90%.

Sale plans for the properties were announced May 4 by Cousins president and CEO Tom Bell.

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