Cousins Acquires Galleria 75.Business Editors
ATLANTA--(BUSINESS WIRE)--March 4, 2004
Cousins Properties Incorporated (NYSE NYSE
See: New York Stock Exchange :CUZ CUZ Because
CUZ Cuzco, Peru - Tte Velazco Astete (Airport Code) ) announced today its acquisition of Galleria 75, a two-story, 113,000-square-foot office building in suburban Atlanta, for $11.4 million. The seller is Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.-based Koll Bren Schreiber Realty Advisors. Galleria 75 is situated on approximately seven acres on Cobb Galleria Cobb Galleria is a large office park with six skyscrapers located in the Cumberland/Vinings district of Cobb and sandwiched between Marietta, Smyrna, Sandy Springs and Atlanta. Parkway, between Cumberland Parkway The Louie B. Nunn Cumberland Parkway is an 88.547 mile (142.503 km) long east-west controlled-access highway in the U.S. state of Kentucky, extending from Barren County in the west to Somerset in the east. and Akers Mill Road. The 87-percent-leased project is adjacent to the proposed site for the $125 million Cobb Performing Arts Centre An art center or arts centre is distinct from an art gallery or art museum. An arts centre is a functional community centre with a specific remit to encourage arts practice and to provide facilities such as theatre space, gallery space, venues for musical performance, .
"Galleria 75 is an incredibly well-located property that provides Cousins with both short- and long-term possibilities," said Dan DuPree, vice chairman for Cousins Properties. "In the near-term, we benefit from owning a well-leased asset in one of the best locations in northwest Atlanta. And in the future, the combination of this site's great transportation access and the development activity planned nearby will make it ideal for redevelopment as a possible corporate headquarters location. We believe this is a one-of-a-kind opportunity."
With the Galleria 75 purchase, Cousins' Atlanta portfolio now includes interests in 9.3 million square feet of office and medical office space.
Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry, including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office and land development projects. The Company's portfolio consists of interests in 14 million square feet of office and medical office space, 2.5 million square feet of retail space and more than 280 acres of strategically located land for future sale or commercial development. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 6.3 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT REIT
See: Real Estate Investment Trust
See real estate investment trust (REIT). ) that has been public since 1962 and trades on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CUZ." For more information please visit www.cousinsproperties.com.
Certain matters discussed in this news release are forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, 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 failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Current Report on Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. filed on December 10, 2003. 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.