ATLANTA, Aug. 18, 2017 /PRNewswire/ -- Hines, the
international real estate firm, and Cousins Properties (NYSE: CUZ),
the Atlanta-based REIT, signed a
new 10-year lease totaling 43,800 square feet with SAP at 8000
Avalon in Atlanta. The
224,000-square-foot Class-A office development is now 93% leased,
up from 73% leased on June 30,
2017.
"Hines and Cousins are excited to add SAP, the leader in
enterprise application software, to 8000 Avalon's fantastic roster
of high-caliber companies," said John
Heagy, Senior Managing Director of Hines. "We believe the
successful development and lease-up of 8000 Avalon represents a
significant milestone for the Avalon mixed-use community. We broke
ground in March 2016, and today, 60
days after delivering the project, we are 93% leased."
8000 Avalon is the only high-rise office building in Avalon, a
leading mixed-use development in North
Atlanta. Hines and Cousins entered into a joint venture to
develop the $73 million project,
which was completed in June 2017. The
joint venture recently exercised its option to purchase the second
and only remaining office pad at Avalon with plans to begin
construction once the project achieves meaningful pre-leasing.
"Cousins and Hines are thrilled with the amount of activity and
interest we see for Class-A office space in this niche market in
Atlanta," said Thad Ellis, Cousins' Senior Vice President and
Atlanta Managing Director. "Being part of 8000 Avalon puts SAP, as
well as all of our customers and their employees and guests, at the
center of a vibrant mixed-use district. Not only do they have
access to attractive housing options and 580,000 square feet of
retail and restaurants, but they are also located near the new
330-room Hotel Avalon and Alpharetta Conference Center, both part
of a first-class Marriott-affiliated Autograph Collection
hotel."
The new facility will consolidate SAP employees from two
Alpharetta locations into one
North Atlanta office supporting
the SAP® and SAP Ariba® solution portfolios. The new location will
be in addition to SAP's office in the Buckhead district of Atlanta.
SAP was represented in the lease negotiations by Gregg Metcalf, Tim
McCarthy and Ryan Fetz of
JLL.
About Cousins Properties
Cousins Properties is a
fully integrated, self-administered and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating
partnership, Cousins Properties LP, primarily invests in Class-A
office towers located in high growth Sunbelt markets. Founded in
1958, Cousins creates shareholder value through its extensive
expertise in the development, acquisition, leasing, and management
of high-quality real estate assets. The Company has a comprehensive
strategy in place based on a simple platform, trophy assets, and
opportunistic investments. For more information, please visit
www.cousinsproperties.com.
About Hines
Hines is a privately owned global real
estate investment firm founded in 1957 with a presence in 182
cities in 20 countries. Hines has $89.1
billion of assets under management, including $42.5 billion for which Hines provides fiduciary
investment management services, and $46.6
billion for which Hines provides third-party property-level
services. The firm has 109 developments currently underway around
the world, including several major projects in Manhattan. Historically, Hines has developed,
redeveloped or acquired 1,126 properties, totaling over 350 million
square feet. The firm's current property and asset management
portfolio includes 457 properties, representing over 193 million
square feet. With extensive experience in investments across the
risk spectrum and all property types, and a pioneering commitment
to sustainability, Hines is one of the largest and most-respected
real estate organizations in the world. For more information,
please visit www.hines.com.
CONTACT:
|
|
John Heagy
|
Marli
Quesinberry
|
Hines
|
Cousins Properties
Incorporated
|
770-206-5310
|
404-407-1898
|
john.heagy@hines.com
|
marliquesinberry@cousinsproperties.com
|
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SOURCE Cousins Properties