Cousins Forms Partnership with Watkins Retail Group

Cousins Properties Incorporated (NYSE: CUZ) announced today that it has formed a partnership with Publix developer Watkins Retail Group, recapitalizing project debt on four existing Watkins Retail Group projects.

Cousins’ investment of $14.9 million as of December 31, 2010, equates to a 50.5% equity position in four Publix-anchored neighborhood shopping centers in Florida and Tennessee. Additionally, Cousins has the first option to jointly develop two other sites in Florida owned by Watkins when development is appropriate.

“We’re delighted to invest with a strong developer like Watkins while generating both stable cash flow and a solid return for Cousins,” said Larry Gellerstedt, President and Chief Executive Officer at Cousins.

“We’re excited about this venture,” said W. Neal Freeman, President of Watkins Retail Group. “Cousins provided both the capital and the creative solutions we needed to bring this deal together on an expedited time frame. We look forward to a long and successful relationship.”

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 Watkins Retail Group

Watkins Retail Group is a shopping center development, leasing and management company committed to meeting the needs of the communities we serve. Since its founding in 1977, Watkins provides a wide range of services, including: development, leasing, marketing, asset & property management and brokerage. Watkins Retail Group has developed 50+ Publix centers the past 25 years, and is a subsidiary of Watkins Associated Industries, a diversified trucking, seafood processing, real estate and building products company.

Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousins’ financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and other documents Cousins files from time to time with the Securities and Exchange Commission. 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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