Cousins Properties and CarrAmerica Sell Suburban Washington, D.C. Office Building.

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announced today the sale of John Marshall II, a 10-story, 224,000-square-foot office building in Tysons Corner, Va., to an affiliate of ING Realty Partners for $59.3 million. The seller is a 50/50 partnership between Cousins and Washington, D.C.-based CarrAmerica Realty Corporation (NYSE: CRE). The building was completed in 1996 and is fully leased to consulting firm Booz Allen Hamilton.

"Like our earlier sales in suburban Washington this year, we were very pleased with investor interest in this building. Not only does the sale speak to the excellent health of the Washington, D.C. office market, it also recognizes the quality of the building and the quality of a customer like Booz Allen Hamilton," said Tom Bell, president and CEO of Cousins. "Because of our great experience developing and operating in the D.C. office market, Cousins remains committed to this area and is searching for our next development opportunity here."

This is the seventh office disposition announcement for Cousins and its partners in 2004. 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.

CarrAmerica owns, develops and operates office properties in 12 markets throughout the United States. The company has become one of America's leading office workplace companies by meeting the rapidly changing needs of its customers with superior service, a large portfolio of quality office properties and extraordinary development capabilities. Currently, CarrAmerica and its affiliates own, directly or through joint ventures, interests in a portfolio of 293 operating office properties. CarrAmerica's markets include Austin, Chicago, Dallas, Denver, Los Angeles, Orange County, Portland, Salt Lake City, San Diego, San Francisco Bay Area, Seattle and metropolitan Washington, D.C. For additional information on CarrAmerica, including space availability, visit our web site at www.carramerica.com.

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 10.4 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 9.1 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.