Cousins and Parkway Merger Betting All and Nothing on Houston’s Office Space Market

COUSINS AND PARKWAY MERGER BETTING ALL AND NOTHING ON HOUSTON’S OFFICE SPACE MARKET 3555 Timmons Ln., Greenway Plaza, Houston, 77027 Last week’s merger between real estate investment trusts Cousins Properties and Parkway Properties still resulted in 2 companies, notes Ralph Bivins this morning: the freshly combined firms, keeping the Cousins name, have now moved all of their Houston office holdings (along with nothing else) into a separate trust. The sequestered Houston investments are inheriting the Parkway name (that’s New Parkway, to head off any confusion), as opposed to the originally announced HoustonCo. New Parkway’s properties add up to about 8.7 million sq. ft., including Greenway Plaza (which Cousins bought back in 2013) and 4 other properties in Upper Kirby, Uptown, Tanglewood, and Westchase. Here’s a chance to buy in, Bivins writes, “whether you believe the Houston office market has reached the bottom or not” — noting also that there’s “about 3 million sq. ft. of new buildings still under construction.” [Realty News Report; previously on SwamplotPhoto of 3555 Timmons Ln.: Unilev