COUSINS STARTS RETAIL PROJECT IN LAGUNA NIGUEL, CALIFORNIA.

ATLANTA--(BUSINESS WIRE)--Aug. 4, 1997--Cousins MarketCenters, Inc., the retail division of Cousins Properties Incorporated (NYSE:CUZ), announced that it started construction today on Laguna Niguel Promenade, a 155,000 square foot retail center located in the exclusive suburban community of Laguna Niguel, California, 25 miles south of Los Angeles. The project is 75% preleased and will be anchored by a 51,000 square foot Ralph's Grocery, the largest operator of grocery stores in southern California, and a 64,000 square foot Orchard Supply Hardware, a home improvement retailer specializing in broad- based merchandise owned by a subsidiary of Sears Roebuck & Co. The project, situated on 12.8 acres, also contains 27,000 square feet of in-line shop space and two outparcel sites. Laguna Niguel Promenade is scheduled to open next spring at a total cost of approximately $19 million.

Joel Murphy, president of Cousins MarketCenters, stated, "We are excited to be developing another project in the dynamic California market and, with the outstanding demographics and tenant commitments for this project, we believe Laguna Niguel Promenade will be a tremendous success."

The center will serve a young, affluent area where retail sales average $350 per square foot and retail vacancy rates are less than 5%. According to 1996 estimates, 79,166 people live within the center's immediate trade area with an average household income of $93,723. By 2001, over 90,000 shoppers are projected to live within three miles of the center with an average household income of $119,676.

Designed by William Mason & Associates of Costa Mesa, California, the center will feature Mission-Revival style architecture, Spanish tile and extensive landscaping.

Cousins developed its first West Coast retail MarketCenter in Long Beach, California, last year with the assistance of the Long Beach Redevelopment Agency. Now 100% leased, the new 286,000 square foot Los Altos MarketCenter is anchored by Sears, Circuit City, Bristol Farms, CompUSA, Borders Books & Music and Sav-On Drugs.

The Company also announced that it has employed John Hopkins and Bob Manarino as senior vice presidents to spearhead the Company's activities on the West Coast. In addition, Keven Doherty was named vice president of development. Messrs. Hopkins, Manarino and Doherty were previously employed by Hopkins Real Estate Group in Newport Beach and worked with Cousins to co-develop Los Altos MarketCenter. They collectively have over 50 years of experience in developing, leasing, acquiring and managing retail shopping centers on the West Coast. In addition to Laguna Niguel Promenade, Cousins MarketCenters is currently in the predevelopment process with respect to several other retail projects in southern California, including sites in San Diego and Northridge.

Cousins Properties Incorporated is an Atlanta-based, fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." The Company has extensive experience in the real estate industry, including the acquisition, financing, development, management and leasing of properties. The property types that the Company actively invests in include office, retail, medical office and residential.

Cousins MarketCenters' Western Region office is located at 1 Civic Plaza, Suite 250, Newport Beach, California, 92260; their telephone number is [phone]; and their telefax number is [phone].

CONTACT: Cousins Properties Incorporated, Atlant

Investment Community: Mark B. Riley, 770/857-2507

Media: Lisa R. Simmons, 770/857-2548

or Web Site Address: www.cousins-cuz.com