Cousins Properties Closes on $41.4 Million Sale of Two Medical Office Buildings.

ATLANTA -- Sale of Northside/Alpharetta I & II is Cousins' ninth office disposition of 2004

Cousins Properties Incorporated (NYSE:CUZ) announced today the sale of two suburban Atlanta medical office buildings - Northside/Alpharetta I, a 103,000-square-foot building completed in 1993, and Northside/Alpharetta II, a 198,000-square-foot building completed in 1999 - to Northside Hospital for $41.4 million. Cousins acquired Northside/Alpharetta I in 1998. The Company will not retain management of the two buildings.

"These were important buildings during the growth of our medical office business and in developing a closer relationship with Northside Hospital. As Northside grows in Alpharetta and around the city, we hope we will again be able to assist the hospital in meeting its real estate needs," said Tom Bell, president and CEO of Cousins. "It is also important to note that this sale is likely the last substantial property disposition for Cousins this year. Of course, our stated business philosophy of harvesting value created through development has not changed and if conditions suggest additional dispositions, we will examine those possibilities as they arise."

This is the ninth office disposition announcement for Cousins and its partners in 2004. On October 21, two buildings and eight ground leases at Wildwood Office Park were sold for $247.5 million. The next day, Cousins and partner CarrAmerica announced the sale of John Marshall-II in suburban Washington, D.C. for $59.3 million. On September 21, 101 Second Street and 55 Second Street, both in San Francisco, were sold to an affiliate of Houston-based Hines for $287 million. One day earlier, four buildings at Wildwood Office Park in suburban Atlanta were sold to Wells REIT for $172.5 million. In early September, Buildings III and IV at Austin Research Park in Austin, Texas, were sold to a private equity fund for $78.7 million. In early August, The Pinnacle and Two Live Oak, both in Atlanta, were sold to TIAA-CREF for $200 million. In late July, 101 Independence Center, a 20-story, 526,000-square-foot office building in downtown Charlotte, N.C., was sold to American Financial Realty Trust for $100 million. In May, 333 John Carlyle and 1900 Duke Street, both in Alexandria, Va., were sold to Grosvenor USA Limited for $80 million.

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, industrial and land development projects. The Company's portfolio consists of interests in 8.8 million square feet of office and medical office space, 3.1 million square feet of retail space, over 2,000 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 10.4 million square feet of office space. 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 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 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.