MBA NewsLink Staff
Cousins Properties, TIER REIT to Combine
Office real estate investment trusts Cousins Properties, Atlanta, and TIER REIT, Dallas, agreed to combine in a 100 percent stock-for-stock transaction.
The transaction will create a Class A office REIT with a 21 million square foot portfolio across the Sun Belt. The combined company's equity market capitalization will approach $5.9 billion with a $7.8 billion total market capitalization.
Under terms of the agreement, Cousins will issue 2.98 shares of newly issued common stock in exchange for each share of TIER stock. Upon closing, Cousins and TIER stockholders will own nearly 72 percent and 28 percent of the combined company's stock, respectively.
The boards of directors of both firms unanimously approved the merger, which they expect to close during the third quarter.
Savills Studley Announces Corporate Rebranding to Savills
Tenant advisory firm Savills Studley, Inc., New York, rebranded as Savills Inc., effective immediately.
The firm noted the change aligns its U.S. arm with the global platform Savills plc. At the same time Savills changed its email and web addresses to reflect its new title: www.savills.us.
JLL Acquires Corporate Concierge Services
JLL, Chicago, acquired Corporate Concierge Services, a national provider of on-site tenant amenity and concierge services for retail, office, residential and hospitality properties.
The acquisition adds more than 200 employees to JLL, the majority of whom will continue to be located in the buildings where they provide face-to-face service for their tenants.
Founded in 2001 by Tom Larance, CCS currently has employees in 15 markets across the country. Services range from tenant conveniences in office properties such as TSA Pre-Check, dry cleaning and pickup/delivery to health and wellness-based events including flu shots and yoga classes to concierge services in retail and multifamily buildings.
Design Billings Moderate in February Following 'Robust' New Year
Architecture firms' billings growth softened in February but remained positive, the American Institute of Architects reported.
AIA's Architecture Billings Index score for February was 50.3, down from 55.3 in January. Any figure above 50 indicates increased requests for building design services.