CUZ Cousins Properties Inc

Cousins Properties Incorporated (NYSE: CUZ) and joint venture partner The Related Group of Florida today announced that financing is complete and construction has begun at 50 Biscayne - a 529 unit luxury residential condominium development in Miami, Florida. Located on a full-block facing Biscayne Boulevard between Flagler and First Street in Miami's central business district, the 54-story tower will be one of the tallest structures in Miami when completed in December, 2006. A syndicate of financial institutions, led by LaSalle Bank Corporation headquartered in Chicago, Illinois, is providing the construction loan for the project. All but one of the building's 529 residential units are under contract. Miami-based Sieger Suarez Architectural Partnership is the design architect for the project. "The development of 50 Biscayne is an important milestone for our company," said Cousins Properties President & CEO Thomas D. Bell. "Jorge Perez and his team have been a pleasure to work with. Their extensive knowledge of the South Florida market and their great attention to detail and quality are a perfect match for us. I'm sure this will be a project that will enhance the central business district, and delight the entire greater Miami community," Bell added. 50 Biscayne will rise just across the street from the 32-acre Bayfront Park and will look out over Biscayne Bay. Studio, one, two and three-bedroom residences will range from 845 square feet to 1,789 square feet, and will feature floor to ceiling glass windows and large, enclosed glass balconies. More than 15,000 square feet of premium retail space is planned for street level, and a pool deck, fitness center & spa will be on the 9th floor of the tower. The common area interior lobbies will be designed by The Rockwell Group of New York. The official ground breaking ceremony will be held on June 14 with dignitaries from the City of Miami, Florida, senior management from Cousins Properties and The Related Group of Florida. Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office, industrial and land development projects. The Company's portfolio consists of interests in 7.2 million square feet of office and medical office space, 3.2 million square feet of retail space, over 3,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single-family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 10.6 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." For more information on the Company, please visit Cousins' Web site at www.cousinsproperties.com. Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company's ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Current Report on Form 8-K filed on December 10, 2003. The words "believes", "expects", "anticipates", "estimates" and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.