Cousins Properties Doubles Down on Dallas With $218M Deal for The Link
REIT expands footprint in Uptown with high-occupancy, lifestyle office asset
In a move that signals continued confidence in the Dallas office market, Cousins Properties (NYSE: CUZ) announced the acquisition of The Link, a 292,000-square-foot Class A office building in Uptown Dallas. The purchase price? A cool $218 million. The building, completed in 2021, is already 93.6% leased with long-term tenants averaging lease terms north of nine years.
Cousins isn’t new to Dallas, but this acquisition firmly anchors them in one of the city’s most sought-after office districts. Colin Connolly, CEO and President of Cousins Properties, summed it up plainly: “We are excited to grow our presence in Dallas, and particularly the dynamic Uptown submarket, with the acquisition of The Link.”
Built in 2021, Leased for the Long Haul
Unlike many recent office acquisitions that come with risk baked in, The Link is already humming. Nearly full occupancy and extended lease commitments give Cousins immediate cash flow and a stable long-term return profile. With a tenant mix already in place, the asset avoids the kind of speculation often seen in commercial real estate plays. It’s not a fix-and-flip. It’s a plug-and-play.
This wasn’t a distressed asset. It’s a premium lifestyle office building located in an area that continues to draw top-tier businesses and talent. That’s important context in a national environment where office space demand has softened—Dallas remains one of the few metro areas where Class A assets like this one continue to hold strong value.
Where the Money Came From
The transaction wasn’t pulled from a hat. Cousins is leveraging capital from its recent unsecured senior note offering, as well as the forward sale of common shares under its ATM (at-the-market) equity program. They’ve also hinted that future asset sales may help round out the funding structure.
This is textbook financial discipline. Instead of over-leveraging, Cousins is recycling capital—shifting value from legacy holdings into modern properties that match where the market is headed. That approach has now produced over $1 billion in new acquisitions within the last nine months alone.
What “Lifestyle Office” Really Means Here
The term gets thrown around a lot, but in this case, The Link fits the bill. Built just four years ago, it offers modern architecture, walkable access to dining and housing, and infrastructure designed for post-pandemic tenant needs. Location-wise, Uptown Dallas checks all the right boxes—proximity to talent, strong amenities, and high daytime foot traffic. It’s one of the few areas where office real estate is still pulling weight.
For tenants, it’s not just about square footage. It’s about experience. And Cousins is clearly betting that lifestyle-focused properties are what will carry the office category forward.
About Cousins Properties
Founded in 1958 and based in Atlanta, Cousins Properties is a publicly traded real estate investment trust (REIT) focused on Class A office assets in Sun Belt markets. Their portfolio spans major metros including Austin, Charlotte, Tampa, Phoenix, and now, deeper into Dallas.
The company operates through Cousins Properties LP and manages all aspects of acquisition, development, leasing, and property operations internally. Their stated approach is simple: stick to high-growth cities, focus on top-tier assets, and be opportunistic in capital deployment. With a strong balance sheet and a history of disciplined growth, the firm continues to draw investor confidence—even as the broader office sector faces headwinds.
This Isn’t a One-Off
This deal wasn’t a moonshot. It’s the latest in a $1B spree of smart acquisitions. Cousins is actively repositioning its portfolio to match shifting trends in tenant preferences. Where many REITs are holding off, Cousins is buying—and doing so with precision.
They’re not grabbing whatever’s cheap. They’re acquiring assets that are stabilized, located in growth corridors, and built for today’s demands. The Link just happens to check every one of those boxes.
Dallas Office? Still Alive—If You Know Where to Look
Not every office market is in free fall. Dallas, particularly Uptown, is proving to be an exception. The Link isn’t an isolated success—it’s a reflection of what companies want: flexible space, quality construction, and access to a live-work-play ecosystem.
Cousins saw that—and made their move.
Summary
Cousins Properties just wrote a $218 million check for a Class A building that’s already doing its job. The Link isn’t a gamble. It’s a calculated addition to a REIT strategy that favors long-term stability over short-term flash. Dallas gets another blue-chip landlord. Cousins gets another revenue engine. And The Link continues doing what it was built to do—connect companies with the space they need to grow.