Cousins Properties announces 15-year lease for combined BB&T, SunTrust HQ
Cousins Properties (CUZ) announced that it has signed a 15-year, 561,000 square-foot lease for the proposed combined corporate headquarters of BB&T Corporation (BBT) and SunTrust Banks (STI) at Hearst Tower in Uptown Charlotte. BB&T and SunTrust will take occupancy of the space in phases beginning in August 2019 and finishing in June 2021. Bank of America, as well as other customers currently occupying the newly leased space, will move out to accommodate the combined company's phased move-in. The lease includes an option for BB&T and SunTrust to purchase the property from Cousins for $455.5M. This one-time purchase option is exercisable through the fourth quarter of 2019, and if exercised, the purchase will close during the first quarter of 2020.