Cousins Leases 100% of New Office Building to AT&T Wireless; Acquires Venture Partner's Interest in Los Angeles Office Building.

Business Editors

ATLANTA--(BUSINESS WIRE)--Jan. 31, 2001

Cousins Properties Incorporated (NYSE:CUZ) today announced it has acquired the remaining 49.9% interest in a 222,000-square-foot, fully leased Class "A" office building for $7.5 million from its venture partner, CommonWealth Pacific. Cousins now owns 100% of the AT&T Wireless Services office building, which was completed in 1999 and serves as a regional headquarters facility for the telecommunications giant in the Los Angeles metropolitan area.

Cousins also announced that it amended an existing lease with AT&T Wireless Services to take the remainder of space in an adjacent 104,000-square-foot office building, bringing the building from approximately 75% leased to 100% leased. The two-building complex is now 100% leased. The previously announced office facility, called Cerritos Corporate Center - Phase II, is under construction and scheduled for completion in May 2001.

Cerritos Corporate Center - Phase II is 100% owned by Cousins and has a total project cost of approximately $19.9 million. CommonWealth Pacific, LLC is developing the project and CommonWealth Partners Management Services, LLC will provide building management services.

"The AT&T lease puts us well ahead of our projected lease-up for Phase II and clearly demonstrates the depth of the Los Angeles office market for well-conceived, well-executed office developments," said Craig Jones, president of Cousins' Office Division. "Their full commitment to this project confirms the draw of this outstanding professional address."

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 12.8 million square feet of office space, 3.5 million square feet of retail space and .9 million square feet of medical office space, and more than 300 acres of strategically located land for future commercial development. Cousins is a 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." For more information on the Company, please visit Cousins' web site at www.cousinsproperties.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 risks, including, but not limited to, general economic conditions, local real estate conditions, interest rates, the Company's ability to obtain favorable financing, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Form 10-Q for the quarter ended March 31, 1996.