CUZ Cousins Properties Inc

Cousins Properties Incorporated (NYSE:CUZ) today announced that it has signed an agreement to acquire The Gellerstedt Group, an Atlanta-based private real estate owner, advisor and development firm that specializes in multi-family urban residential projects, as well as construction management and build-to-suit services. Gellerstedt Chairman & CEO Larry L. Gellerstedt III has been appointed President of Cousins' newly formed Office/Multi-Family Division and will be responsible for the company's office portfolio and new initiatives such as condominium developments. The acquisition is expected to close on June 30 and Gellerstedt will join Cousins on July 1, 2005. "Larry and his team have a proven record in the development and construction businesses with many high-profile successes, and I'm proud to say that more than a few of them have been with us," said Cousins President & CEO Thomas D. Bell, Jr. "Bringing Larry and his team inside the Cousins family is a natural, logical next step for both of our companies. It's an excellent business fit as we share so many of the same principles when it comes to our product, clients and civic responsibility." In responding to today's announcement, Larry Gellerstedt said, "My team is very pleased to be able to join the Cousins family. Cousins has always reflected the highest standard in quality, integrity, and performance. This acquisition reflects the commitment I see in Cousins to fully take advantage of the demographic and market factors leading to a steadily increasing demand for quality mixed-use developments in urban markets." Cousins and Mr. Gellerstedt's previous company, Beers Construction Company, have worked together on development projects valued at more than $500 million over the past 20 years. While leading Beers, Mr. Gellerstedt helped to build much of Atlanta's and the region's skyline, which included many of Cousins' landmark development projects: Bank of America Plaza, 191 Peachtree, The Emory Crawford Long Hospital campus and Medical Office Tower, The Pinnacle, Wildwood, Total Systems campus, and others. Most recently, Cousins and The Gellerstedt Group partnered on 905 Juniper - an 8-story, 117-unit development that includes traditional flats, townhouses, and live/work units, and is scheduled to open in the spring of 2006. Mr. Gellerstedt began his career in real estate and construction in 1978 as an estimator and project manager at Beers Construction Company, and by 1987 he had become President & CEO. During his tenure, Beers made five acquisitions, and the company's revenues grew from $160 million to more than $1.4 billion by the time the business was sold in 1998. Gellerstedt then became CEO of Atlanta-based American Business Products Inc., a New York Stock Exchange-listed manufacturer of business supplies and specialty packaging products, from 1998 until its sale in 2000. In 2001, Mr. Gellerstedt returned to the real estate development industry as President & COO of The Integral Group LLC, an Atlanta-based firm that focused on developing Atlanta's inner city. Gellerstedt's namesake company was launched in 2003. A long-time civic leader in Atlanta, Mr. Gellerstedt is Chairman of the Quality Growth Coalition, Co-Chair of a $200 million capital campaign for Children's Healthcare of Atlanta, and is a Board Member or Trustee for Central Atlanta Progress, Midtown Alliance, Piedmont Park Conservancy, Agnes Scott College, Jesse Parker Williams Foundation, and Metro Atlanta Chamber of Commerce. Additionally, Mr. Gellerstedt serves on the boards of two NYSE firms - Alltel and Rock-Tenn Company. 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.