Cousins Properties and CommonWealth Partners Sell Suburban Austin Office Buildings for $78.7 Million.

ATLANTA -- Cousins Properties Incorporated (NYSE: CUZ) announced today the sale of two suburban Austin, Texas office buildings - Buildings III and IV at Austin Research Park (174,000 square feet and 184,000 square feet respectively) - to a private equity fund for $78.7 million. The buildings were both completed in 2001 and are 100 percent leased to Charles Schwab Corp. and Fisher-Rosemont Systems Inc. The seller is a partnership of Cousins and California-based CommonWealth Partners. As part of the sale, Cousins has been retained to manage the buildings.

"While we've been marketing a number of office assets for sale this year, the Austin Research Park buildings were not part of that activity. Getting an unsolicited offer for the property was unexpected but we listened and ultimately decided selling was the right move for our shareholders," said Tom Bell, president and CEO of Cousins.

This is the fourth office disposition for Cousins this year. In early August, the Company sold The Pinnacle and Two Live Oak, both in Atlanta, to TIAA-CREF for $200 million. In late July, the Company sold 101 Independence Center, a 20-story, 526,000-square-foot office building in downtown Charlotte, North Carolina, to American Financial Realty Trust for $100 million. In May, Cousins sold 333 John Carlyle and 1900 Duke Street, both in Alexandria, Virginia, 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 12.2 million square feet of office and medical office space, 3.1 million square feet of retail space, over 1,980 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 8.1 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.