C
ousins Properties has made a significant move to secure its stake in the highly sought-after Uptown Dallas market. The Atlanta-based office real estate trust purchased the mortgage for Saint Ann Court, an 25-story office building at 2501 North Harwood, from KKR Real Estate for $138 million. Cousins paid cash and drew on its credit facility for $58.5 million to complete the deal.

    The property, developed by Dallas-based Harwood International, spans 320,000 square feet and was built in 2009. Its debt burden stands at $431 per square foot, making it a prime investment opportunity in the rapidly growing Uptown neighborhood. The area has been a hub for high-end office developments, with companies like Goldman Sachs and Bank of America setting up shop nearby.

    Cousins Properties focuses on Sun Belt markets and already owns two properties in Dallas: 5950 Sherry Lane in Preston Center and Legacy Union in Plano. With its latest acquisition, the company is poised to capitalize on Uptown's growing appeal as a premier office location. The neighborhood has been attracting top financial institutions, solidifying its reputation as "Y'all Street," Texas' answer to Wall Street.