Cousins Properties’ Hearst Tower to Trade for $456M

CHARLOTTE, NC—Cousins Properties announced that Truist Financial Corp., a bank created from the merger between BB&T and SunTrust, has exercised its option to purchase Hearst Tower in Uptown Charlotte from Cousins for $455.5 million. The building will serve as Truist’s headquarters. The transaction is expected to close in March 2020.

The building opened in 2002, and was constructed by Bank of America. Parkway Properties purchased the property from Bank of America in 2012, and Cousins merged with Parkway in 2016.

“Truist’s decision to consolidate its operations in Charlotte and to acquire this signature office tower is the latest in a long list of major corporate relocations to Cousins’ Sun Belt markets and highlights the quality of our portfolio,” said Colin Connolly, president and CEO of Cousins Properties.

The newly merged bank announced that the building will be known as Truist Center.

“Truist Center is in the ideal location for our newly combined company as we build a bold, transformational financial institution,” said Truist Chairman and CEO Kelly S. King. “The Truist name at the top of this signature building will help to signify our beginning and demonstrates our commitment to the Queen City.”

Truist branded signage throughout the building and around the property will be installed in phases after the transaction is completed.

Truist is in the process of transitioning approximately 2,000 employees to occupy more than 550,000 square feet of the nearly 965,000 square-foot tower. The new headquarters is already home to Truist’s executive management team. Truist Center will accommodate several leadership teams for corporate groups, including: Corporate Communications, Finance, Human Resources, Insurance, Legal, Risk Management, and Technology.

Truist says in the coming months it will announce the location of its Innovation and Technology Center, which also will be in Charlotte.