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Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

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Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

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Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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777 Main Street building sold as part of $1.1B deal

 

777 Main Street 

Cousins Properties Inc. said Monday that it reached a deal to buy a portfolio of 11 office buildings for $1.1 billion in cash, a move that expands the office and retail property owner's operations in Texas.
The deal includes 10 buildings with 4.4 million square feet of office space in Houston, as well as the 980,000 square-foot 777 Main St., a Class-A office tower in Fort Worth.


The properties are being sold by a joint venture run by Crescent Real Estate Holdings LLC.
Cousins said it expects to fund the transaction through a combination of mortgage financing, the sale of non-core assets and stock sale proceeds.


“Greenway Plaza and 777 Main Street are an excellent fit with our portfolio as they are high-quality urban properties with embedded NOI growth and future development potential,” said Larry Gellerstedt, president and CEO of Cousins. “Not only do we expect this transaction to be transformative and accretive, it immediately expands our Texas platform and provides substantial geographic diversification at a significant discount to replacement cost.”
The real estate investment trust also started a public offering of 60 million shares of its common stock, intended to help fund the purchase. The underwriters are expected to be granted a 30-day option to purchase up to an additional 9 million shares.
The transaction is expected to close by mid-September.


JP Morgan Securities LLC served as the company’s exclusive financial advisor on the acquisition.
 

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