Cousins Properties has sold its 40-story Burnett Plaza office tower in downtown Fort Worth to a venture led by Opal Holdings, the New York real estate investment firm.
Cousins, based in Atlanta, closed on the sale April 7, the publicly traded company said in its first quarter 2021 SEC earnings filing. The company said in the filing it sold the property for $137.5 million and recorded a gain of $364,000 in the transaction.
Opal, founded in 2012 by entrepreneurs with extensive real estate backgrounds, buys property via partnerships, targeting value-added and opportunistic properties in the office, retail, residential, and hotel sectors “looking to be repositioned or redeveloped.”
The Class A Burnett Plaza, built in 1983, has more than 1 million square feet of leasable space, with 142,000 square feet available, according to market information.