Cousins Sells Four Atlanta Office Buildings for $172.5 Million; Sale of Wildwood Buildings to Wells REIT II is Company's Fifth Office Disposition of 2004.

ATLANTA -- Cousins Properties Incorporated (NYSE:CUZ) announced today the sale of four suburban Atlanta office buildings to Atlanta-based Wells Real Estate Investment Trust II Inc. for $172.5 million. The seller is Wildwood Associates, a partnership that includes Cousins. As part of the sale, Wells has retained Cousins to lease and manage the buildings. The buildings, all in Wildwood Office Park, include:

--2500 Windy Ridge Parkway, a 316,000-square-foot building completed in 1985 and primarily leased to Coca-Cola Enterprises 

--4100 and 4300 Wildwood Parkway, a two-building, 250,000-square-foot project completed in 1995 and fully leased to BlueLinx Corporation

--4200 Wildwood Parkway, a 256,000-square-foot building completed in 1998 and fully leased to GE Energy

"Over the years, Wildwood has become one of the projects most identified with Cousins and its success in the 1980s was a catalyst for the growth of our office division," said Tom Bell, president and CEO of Cousins. "We're pleased that these buildings drew such a favorable response from the investment market, and we look forward to continuing our involvement in Wildwood's future success through both management and leasing and our ownership of the remaining buildings and developable land here."

The Atlanta office of Eastdil Realty represented Wildwood Associates in the transaction.

This is the fifth office disposition for Cousins this year. Earlier this month, the Company sold Buildings III and IV at Austin Research Park in Austin, Texas to a private equity fund for $78.7 million. 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, N.C., to American Financial Realty Trust for $100 million. In May, Cousins sold 333 John Carlyle and 1900 Duke Street, both in Alexandria, Va., to Grosvenor USA Limited for $80 million.

Wells Real Estate Funds is a national real estate investment management firm that purchases real estate on behalf of Wells-sponsored investment programs. Since 1984, more than 160,000 individuals across the country have invested (through their financial consultants) in Wells-sponsored investment programs to help diversify their investment portfolios. Collectively, Wells-sponsored programs own more than $6 billion in assets (valued at cost) totaling more than 30 million square feet of space. Wells acquisitions focus on existing Class-A office and industrial properties, as well as corporate sale-leasebacks and build-to-suit projects, leased long term to creditworthy tenants. Wells was the largest purchaser of Class-A office and industrial real estate in 2002 and 2003, according to New York-based Real Capital Analytics

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 11.4 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 8.9 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.