Cousins Properties acquires medical office real estate company; Creates new division called Cousins/Richmond.ATLANTA--(BUSINESS WIRE)--July 16, 1996--Atlanta-based Cousins Properties Incorporated (NYSE NYSE See: New York Stock Exchange : CUZ CUZ Because cuz Cousin CUZ Cuzco, Peru - Tte Velazco Astete (Airport Code) ) has acquired the medical office building development and management operations of The Lea Richmond Company and The Richmond Development Company, Dan DuPree, President of Cousins Properties Incorporated, announced today. The purchase price for the acquisition was $1.8 million plus contingent future payments of up to an additional $1 million, subject to commencement of development of certain medical office building projects. "We believe that Lea Richmond III, the President of the Richmond companies, is one of the finest developers of medical office projects in the country, and we are pleased to have him and his talented group of people joining Cousins", Dan DuPree said. "This is a natural adjunct to the office development and management business of Cousins Properties and gives us the opportunity to expand into a high growth sector of the office market." The 21-year-old Richmond group The Richmond Group also known as the Richmond School, is a group of Impressionist painters who worked in the Richmond, Indiana area from the late 19th Century through the mid-20th Century. of companies, also headquartered in Atlanta, is Georgia's largest full service real estate group specializing in medical office building development and management. The Richmond group of companies specialize in providing cost effective solutions to hospitals, physicians and other health care professionals, and are ranked by Modern Healthcare Magazine among the top 10 providers of medical office facilities in the country. They have developed 17 medical office facilities throughout the Southeast, including 14 in metro Atlanta, and manage a portfolio in excess of 900,000 square feet. They have significant long-term relationships with prominent health care providers in Atlanta and elsewhere in the country. Several notable developments in Atlanta include Northside/Alpharetta, Northside Professional Center, the Scottish Rite Scottish rite n. A ceremonial rite in a Masonic system. Medical Arts Building, Gwinnett Professional Center, Mount Vernon Mount Vernon, estate, United States Mount Vernon, NE Va., overlooking the Potomac River near Alexandria, S of Washington, D.C.; home of George Washington from 1747 until his death in 1799. Medical Center, and Presbyterian Hospital Presbyterian Hospital can refer to several places:
28 employees from the Richmond companies will join the new division of Cousins Properties, called Cousins/Richmond, effective immediately. Business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets for the new venture, headed by President Lea Richmond, III, will be located as of August 31 in the Cousins corporate headquarters at Wildwood Wildwood, city (1990 pop. 4,484), Cape May co., SE N.J., on an island off Cape May; settled 1882, inc. as a city 1911. It has large commercial fisheries and is a popular summer seaside resort with many vintage motels and other buildings from the 1940s–60s. Office Park off Windy Hill Windy Hill may refer to:
According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lea Richmond, III, "Given the current dynamics in the industry, health care providers need a strong partner to develop, fund and manage their ambulatory real estate. We strongly believe Cousins/Richmond can be that partner and that the combination of our two firms will make us uniquely qualified to service the health care community." Cousins/Richmond will commence construction of its first project later this summer for Presbyterian Hospital in Charlotte. The 70,000 square foot medical office building is the first of two phases at University Research Park, and the first phase is 73% pre-leased to Presbyterian Hospital. Cousins Properties Incorporated is an Atlanta-based, fully integrated equity real estate investment trust. The Company has been a public company since 1962, and has extensive experience in the real estate industry, including the acquisition, financing, development, management and leasing of properties. Historically one of Atlanta's most active developers, Cousins has developed or shares ownership in many of Atlanta's most significant office projects including NationsBank Plaza, One Ninety One Peachtree Tower, Wildwood Office Park and Ten Peachtree Place. CONTACT: Cousins Properties Inc., Atlanta Lisa R. Simmons, 770/955-2200 |
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