CUZ Cousins Properties Inc

Cousins Properties Incorporated (NYSE: CUZ) announced today it and partner The Related Group have closed on the sale of the remaining 120 residential units at 50 Biscayne, a 54-story, 528-unit luxury condominium tower in Miami, Florida. The buyer is a partnership of The Related Group and private equity firm Lubert-Adler Partners. The units were sold for a total price of $30.3 million. The sales ends Cousins� involvement in the tower�s residential units but the Cousins/Related partnership continues to own seven commercial condominium units in the building. Since delivering 50 Biscayne, the Cousins/Related partnership has closed the sale of 528 residential units and six commercial units. Cousins share of the pre-tax profit on the project to date is estimated to be approximately $18 million before minority interest. �Quality product tends to succeed even in difficult markets and 50 Biscayne is a prime example of that. The building has weathered a turbulent South Florida condominium market and produced better than expected results,� said Tom Bell, chairman and CEO of Cousins. �We thank Jorge Perez, Thomas Daly and the Related team for being a top-flight partner.� Jorge Perez, chairman and CEO of The Related Group said, �50 Biscayne is an award-winning product in our portfolio and significant credit is due to our partnership with Cousins Properties. Their diverse development expertise instills confidence that we can anticipate success with future collaborations.� Celebrating its 50th anniversary in 2008, Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office, multi-family, retail, industrial and land development projects. Since its founding, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 4,000 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit 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 (including the overall condition of the residential market), the activity of others developing competitive projects, the risks associated with development projects (such as delay, cost overruns and leasing/sales risk of new properties), 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 ability of the Company to close properties under contract and other risks detailed from time to time in the Company�s filings with the Securities and Exchange Commission, including the Company�s Annual Report on Form 10-K for the year ended December 31, 2007. 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.