Signs 5-Floor Lease with Greenberg Traurig
ATLANTA--(BUSINESS WIRE)--
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.
Source: Cousins Properties Incorporated
Contact:
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Director
of Investor Relations/Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com