Cousins Properties Enters Texas Market; Acquires Major Real Estate Company.

ATLANTA--(BUSINESS WIRE)--June 4, 1999--

Cousins Properties Incorporated (NYSE:CUZ) today announced that it has acquired a 50% interest in Faison-Stone, a full-service real estate company headquartered in Dallas that specializes in the management and leasing of Class "A" office properties. Under the terms of the agreement, Dary Stone, founder and president of Faison-Stone, will be a 50% partner with Cousins and will oversee the Texas operations as well as identify potential real estate and development opportunities for Cousins Properties in Texas. The company's new name will be Cousins Stone.

"This is an exciting strategic opportunity for Cousins Properties to facilitate our entry into the Texas market, and we look forward to Dary's association with our management team," said Daniel M. DuPree, president and chief operating officer of Cousins Properties. "Faison-Stone was founded in 1991 and has grown into one of the largest Dallas Metroplex Class A office property companies. The company also serves as development manager for the world-renowned Las Colinas master-planned community. Dary has key contacts in the real estate community and the Texas government through his tenure on Governor Clements' staff and his service as chairman of the Texas State Finance Commission and various other corporate, government and civic boards. In addition to affiliating with a great operation, this partnership will provide us the ability to pursue opportunistic development when the real estate cycle allows, the ability to more aggressively pursue and exploit Cousins' relationships in Texas and the Southwest, and increased visibility to Faison-Stone's current clients, such as TIAA, Motorola, Lincoln National Life and the Taylor Simpson Group.

"Over the past couple of years we have expanded into the San Francisco; Los Angeles; Charlotte; Birmingham, Alabama; and Alexandria, Virginia, office markets through successful partnerships with strong local companies. We have consistently stated that our corporate strategy will be dependent upon our ability to attract outstanding employees and partners, and this transaction reaffirms that philosophy."

"Cousins Properties' industry reputation for quality as well as Tom Cousins' personal reputation for integrity make becoming a part of their company an honor for our entire organization," commented Mr. Stone. "Our opportunities will be greatly enhanced, and our clients and employees will be well-served by this affiliation. We are grateful to our clients for supporting this transaction."

Faison-Stone currently manages a portfolio in Texas that contains approximately 7 million square feet which is primarily comprised of office properties. In addition, the group is developing a one million s.f. phased corporate campus in Austin for Motorola, a 260,000 s.f. speculative office project in Austin for the Carlyle Group, and has recently redeveloped or developed 700,000 s.f. of other office properties throughout the state. Faison-Stone provides full marketing, management, land development and construction services for the 12,000-acre Las Colinas master-planned community.

Stone has directed the development of more than 2.2 million square feet of Class "A" office property in Texas, including projects such as Fountain Place, a 1.2 million s.f. Dallas CBD high-rise, and Spectrum Center.

Cousins Properties Incorporated 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 10.2 million square feet of office space, 3.4 million square feet of retail space and 1.0 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."

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.