Cousins Opens Laguna Niguel Promenade.

ATLANTA--(BUSINESS WIRE)--July 15, 1998--Cousins Properties Incorer located at 27871 La Paz Road in the exclusivupscale merchants, including eateries, coffee croduce and restaurant-quality seafood. It offers an in-store, European bakery, full-service delicatessen, floral department, Natural Choices Nutrition Center, and a full-service Union Bank branch. In addition to Ralphs, the center is anchored by Orchard Supply Hardware, a 64,000-squarated, "Laguna Niguel Promenade has been extremely well-received and highly sought after by an attractive mix of upscale merchants. We believe the center is a tremendous addition to the community."

Laguna Niguel Promenade was designeexcellent street exposure and ease of access. Oversize date palms and California pepper trees are strategically located along the walkways and within the plazas creating pedestrian-friendly gathering places. Additional shop space amenities include ample signage and convenient customer parking. The project, situated on 12.8 acres, also contains 27,000 square feet of in-line shop space and two outparcel sites.

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.

Bob Manarino, senior vice president of Cousins MarketCenters' Western Region, said, "Since founding the West Coast office nearly 1 1/2 years ago, we have become a firmly established presence in California with the completion of Los Altos MarketCenter, Laguna Niguel Promenade, and the acquisition of The Shops at Palos Verdes."

Cousins Properties Incorporated is one of the largest diversified real estate development companies in the U.S. Based in Atlanta, the Company 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 8.2 million square feet of office space, 3.2 million square feet of retail space and .2 million square feet of medical office space, and over 400 acres of 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."

CONTACT: Cousins Properties Inc., Atlanta

George T. Olmstead, Jr., 770/857-2507

[e-mail]

or

Lisa R. Simmons, 770/857-2548

[e-mail]

Web Site address: www.cousins-cuz.com