ATLANTA, July 10, 2018 /PRNewswire/ -- Hines, the
international real estate firm, and Cousins Properties (NYSE: CUZ),
the Atlanta-based REIT, announced
today that they have formed a joint venture to develop 10000
Avalon, a 251,000 square foot Class A office building in
Atlanta. Cousins has a 90%
ownership interest and Hines has a 10% ownership interest in the
joint venture. The joint venture has secured AXIS Reinsurance Co.,
a subsidiary of AXIS Capital Holdings Limited (NYSE: AXS), as an
anchor tenant with a 15-year, 76,000 square foot lease.
10000 Avalon will be the second and final office building in
Avalon, a leading mixed-use development in North Atlanta. The new building will be
adjacent to Hines and Cousins' successful 8000 Avalon office
development that was delivered in June
2017 and is currently 98% leased. Construction on 10000
Avalon will commence this month and initial occupancy is expected
in early 2020. Total development cost is anticipated to be
approximately $97 million.
"We are thrilled that AXIS has chosen to anchor our second
office development with Cousins at Avalon," said John Heagy, Senior Managing Director of Hines.
"AXIS is a great organization – a leading global player in
specialty (re)insurance and an active and committed corporate
citizen within the local community."
"Cousins is looking forward to building on the success of our
first Avalon office development with Hines as our partner," said
Larry Gellerstedt, Chairman and
Chief Executive Officer of Cousins. "We are excited that AXIS has
recognized Avalon as a compelling office location and are
encouraged by the level of activity we are seeing from additional
potential customers eager to join this vibrant mixed-use
project."
AXIS was represented in the lease negotiations by Sam Holmes of CBRE.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and
self-managed real estate investment trust (REIT). The Company,
based in Atlanta, GA and acting
through its operating partnership, Cousins Properties LP, primarily
invests in Class A office towers located in high-growth Sun Belt
markets. Founded in 1958, Cousins creates shareholder value through
its extensive expertise in the development, acquisition, leasing
and management of high-quality real estate assets. The Company has
a comprehensive strategy in place based on a simple platform,
trophy assets and opportunistic investments. For more information,
please visit www.cousins.com.
About Hines
Hines is a privately owned global real estate investment firm
founded in 1957 with a presence in 201 cities in 24 countries.
Hines has approximately $111 billion
of assets under management, including $60
billion for which Hines provides fiduciary investment
management services, and $51 billion
for which Hines provides third-party property-level services. The
firm has 108 developments currently underway around the world.
Historically, Hines has developed, redeveloped or acquired 1,295
properties, totaling over 422 million square feet. The firm's
current property and asset management portfolio includes 506
properties, representing over 210 million square feet. With
extensive experience in investments across the risk spectrum and
all property types, and a pioneering commitment to sustainability,
Hines is one of the largest and most-respected real estate
organizations in the world. Visit www.hines.com for more
information.
About AXIS Capital
AXIS Capital is a global provider of specialty lines insurance
and treaty reinsurance with total shareholders' equity at
March 31, 2018, of $5.3 billion and locations in Bermuda, the United
States, Europe,
Singapore, Middle East, Canada, and Latin
America. Its operating subsidiaries have been assigned a
rating of "A+" ("Strong") by Standard & Poor's and "A+"
("Superior") by A.M. Best. For more information about AXIS Capital,
visit our website at www.axiscapital.com.
Follow AXIS Capital on LinkedIn and Twitter.
CONTACT:
|
|
George
Lancaster
|
Roni
Imbeaux
|
Hines
|
Cousins
Properties
|
713-966-7676
|
404-407-1104
|
george.lancaster@hines.com
|
rimbeaux@cousins.com
|
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SOURCE Cousins Properties