Cousins Properties Changes Name of Texas Subsidiary to Cousins Properties Services LP.

Business Editors

ATLANTA--(BUSINESS WIRE)--Aug. 6, 2001

Cousins Properties Incorporated (NYSE:CUZ) today announced that it has changed the name of its subsidiary, Cousins Stone LP, a Texas-based, full-service commercial real estate firm specializing in the development, leasing and management of Class "A" office space, to Cousins Properties Services LP. The new name reflects the acquisition earlier this year by the Company of the remaining interest in Cousins Stone and the complete integration of both companies under the Cousins Properties name. Cousins will continue to pursue new development opportunities in the Southwest and will accelerate the growth of third-party leasing and management services offered through its newly created Client Services division.

Cousins' Client Services division, which integrates Cousins Stone's third-party services, specializes in the leasing and management of premier office properties and has a portfolio that exceeds 5.4 million square feet in Dallas/Fort Worth and Austin. Its leased properties stand at 88% occupancy. Also through its Client Services division, Cousins serves as Development Manager for Las Colinas, the world's premier master-planned business and residential community. In this role, the Company plans, manages and markets this 12,000-acre project on behalf of its largest landowner, Las Colinas Land Limited Partnership, a subsidiary of Teachers Insurance and Annuity Association and JMB Realty. Cousins has also recently developed the 955,000-square-foot Motorola Parmer Lane Campus in Austin and is developing Research Park Plaza, a 510,000-square-foot campus in Austin that is leased to major corporate clients such as Charles Schwab & Co.

Cousins' Texas team is led by Cousins Stone veterans Michael Ablon, senior vice president of development - Dallas; Charles Cotten, senior vice president of client services; Mark Dickenson, senior vice president of leasing - Dallas; and Tim Hendricks, senior vice president of development - Austin.

Thomas G. Cousins, chairman and chief executive officer of Cousins Properties, stated, "The new name and the addition of Dary Stone, founder of Cousins Stone's predecessor, as our president and chief operating officer earlier this year signify the complete integration of two very successful companies under one name - Cousins Properties. One of the strategies responsible for Cousins' growth over the years has been to partner with strong, local real estate companies. The benefits gained from our acquisition of Cousins Stone in mid-1999 have been exceptional. We have been able to successfully enter the Texas market and establish meaningful new relationships in addition to expanding relationships with existing clients in the Southwest. These new opportunities have had a significant impact on Cousins' growth plans and our continued leadership in the industry."

R. Dary Stone, president and chief operating officer of Cousins Properties, added, "Cousins has a long history and tremendous reputation as a developer of landmark projects. We will build on the momentum Cousins has already established in the Texas market through the skills and relationships of several strong real estate veterans as we move forward under one banner."

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, 3.1 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 8-K dated March 9, 2001.