Cousins Properties Incorporated (NYSE: CUZ) announced today that
it has formed a new joint venture with a fund managed by Morgan
Stanley Real Estate Investing that has successfully recapitalized
Terminus 200. Terminus 200 is a 25-story, 564,000-square-foot tower
of Class A office space, retail, and restaurant space located at
the intersection of Peachtree and Piedmont roads in the Buckhead
office submarket.
In conjunction with the new joint-venture, Cousins has
restructured its existing construction loan, further strengthening
the capital structure of Terminus 200; Wells Fargo Bank remains
administrative agent on the loan.
Cousins also announced today that it has signed a lease for the
top 5 floors with international law firm Greenberg Traurig, LLP at
Terminus 200.
"We’re really pleased to have Greenberg Traurig choose Terminus
200. It is an extremely reputable firm and we look forward to
having a long relationship with them," said Larry Gellerstedt,
Chief Executive Officer at Cousins. "Furthermore, we’re confident
this restructuring will lead to the announcement of additional
leases in the coming weeks."
John Klopp, Head of Americas Real Estate Investing at Morgan
Stanley, commented, "We are delighted to have partnered with
Cousins to complete a successful restructuring of the
Terminus 200 project. As the lease signing today demonstrates, we
believe the building is now well positioned to attract top-tier
firms to one of Atlanta's leading business centers."
Greenberg Traurig, LLP is an international law firm with
approximately 1,800 attorneys and governmental professionals in 32
locations in the United States, Europe and Asia. Greenberg
Traurig’s more than 100 attorneys in Atlanta will occupy the top
floors of Terminus 200. The move is scheduled for July 2011.
"We’re energized and excited to be moving to the heart of
Buckhead, one of Atlanta’s strongest business centers," said Ernest
L. Greer, managing shareholder of Greenberg Traurig’s Atlanta
office. "As we continue to grow, our new space will reflect our
firm’s business model and unique culture and will positively impact
the relationships among our clients, attorneys and staff."
Terminus 200, which has achieved Gold-level LEED certification,
is the newest phase of the 10-acre Terminus development. The
development includes the 94 percent leased, 656,000-square-foot
Terminus 100 office building and 10 Terminus Place, the first
Terminus residential tower.
About Cousins Properties
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 and
land development projects. Since its founding in 1958, Cousins has
developed 20 million square feet of office space, 20 million square
feet of retail space, more than 3,500 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.
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing is one of the largest real
estate investment managers globally. Since 1991, it has acquired
$173.7 billion of real estate assets worldwide and currently
manages $46.4 billion in real estate assets on behalf of its
clients. For more information about Morgan Stanley Real Estate
Investing, please visit www.morganstanley.com/realestate.
About Terminus
Launched by Cousins in 2006, Terminus is a 9.9-acre, mixed-use
development at the intersection of Piedmont Road and Peachtree
Street in Atlanta that features high-rise homes, office towers and
more than 70,000 square feet of retail. 10 Terminus Place, one of
three buildings at Terminus, is a 32-story luxury condominium tower
with 137 units that opened in fall of 2008. The development also
includes Terminus 100, a 27-story building that offers Class A
office space, unmatched amenities and spectacular views of Atlanta.
In September 2009, Terminus 200 opened with 564,000 square feet of
office, retail, and restaurant space. 10 Terminus Place, Terminus
100 and Terminus 200 comprise a landmark urban community that
redefines upscale living by merging fashion-forward boutiques,
four-star dining, the highest quality office space and stunning
high-rise homes into one prestigious destination. For more
information, visit www.terminus-atlanta.com.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, full-service law
firm with approximately 1,775 attorneys serving clients from more
than 30 offices in the United States, Europe and Asia. In the U.S.,
the firm has more offices than any other among the Top 20 on The
National Law Journal’s 2009 NLJ 250. In the U.K., the firm operates
as Greenberg Traurig Maher LLP. Additionally, Greenberg Traurig has
strategic alliances with the following independent law firms:
Studio Santa Maria in Milan and Rome, TA Lawyers GKJ in Tokyo, and
Weber Law Office in Zürich. The firm was Chambers and Partners' USA
Law Firm of the Year in 2007 and among the Top 3 in the
International Law Firm of the Year at the 2009 The Lawyer Awards.
For additional information, please visit www.gtlaw.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 risk. These
include, but are not limited to, general and local economic
conditions (including the current general recession and state of
the credit markets), local real estate conditions (including the
overall condition of the residential markets), 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 those described in
Part I, Item 1A of the Company’s Annual Report on Form 10-K for the
year ended December 31, 2009. 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.
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