Disagree on the pessimism. Cousins has a track record of timing these cycles. Watch the leasing velocity in Q3 — if we see two anchor tenants signed the thesis reprices.

The 6.2 cap feels aggressive given the sublease glut still unwinding. Anyone modeling this as a hold-and-reposition or a value-add play? My spread says stabilized yield needs rents up 8-10% by 2028.

Cousins Properties Closes $340M Acquisition of Midtown Tower

The deal marks the largest single-asset office transaction in metro Atlanta since 2019, with underwriting pegged to a 6.2% cap rate despite softening rent rolls.