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Cousins Properties to Build Regional HQ of Dimensional

Zacks Equity Research
Updated

Cousins Properties Incorporated CUZ recently revealed that it would develop the regional headquarters building for Dimensional Fund Advisors in Charlotte, NC. The building will include 229,000 square feet of space.

A 50/50 partnership has already been formed by the two companies for developing the property and a 2.3 acre office building site has been closed in the South End neighborhood of Charlotte. Further, to occupy the entire office space, Dimensional signed a 15-year lease. Construction is slated to start in the fourth quarter of this year and delivery is targeted in fourth-quarter 2018.

Notably, the tie of Cousins Properties and Dimensional is not new. In fact, Cousins Properties had already developed the latter’s global headquarters in Austin in 2015. So a partnership again between the two for the regional headquarter reflects the demand for the real estate owner’s properties.

Cousins Properties' diversified portfolio, presence of high-end tenants in its roster, keen eye for trophy assets and opportunistic investments in high-barrier-to-entry submarkets in Austin, Dallas, Houston, Atlanta and Charlotte, augur well. These markets are expected to continue to show positive demographic and economic trends compared with the national average. Yet, intense competition and any rise in interest rate are concerns for the company.

Cousins Properties currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the REIT space include Hersha Hospitality Trust HT, PS Business Parks Inc. PSB and Public Storage PSA. Each of these stocks holds a Zacks Rank #2 (Buy).

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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
PUBLIC STORAGE (PSA): Free Stock Analysis Report
 
COUSIN PROP INC (CUZ): Free Stock Analysis Report
 
PS BUSINESS PKS (PSB): Free Stock Analysis Report
 
HERSHA HOSPTLY (HT): Free Stock Analysis Report
 
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Zacks Investment Research