Cousins Properties

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Cousins Properties Incorporated
Public company
Traded as NYSECUZ
S&P 400 component
Founded 1958; 60 years ago (1958)
Founder Tom Cousins
Headquarters Atlanta, Georgia
Key people
S. Taylor Glover, Chairman
Lawrence L. Gellerstedt III, CEO
Gregg D. Adzema, CFO[1]
Revenue Increase $0.259 billion (2016)[1]
Decrease $0.080 billion (2016)[1]
Total assets Increase $4.171 billion (2016)[1]
Total equity Increase $2.455 billion (2016)[1]
Number of employees
279 (2016)[1]
Website www.cousinsproperties.com
The Bank of America tower in Atlanta was developed by Cousins Properties and sold in 2006 for $436 million. In 2012, it sold at foreclosure for $235 million

Cousins Properties Incorporated is a publicly-traded real estate investment trust that invests in office buildings in Florida, Georgia, Arizona, Texas, and North Carolina.[1] The company has developed notable properties including CNN Center, Omni Coliseum, 191 Peachtree Tower, and Emory Point in Atlanta.

As of December 31, 2016, the company owned 31 properties comprising 17.0 million square feet.[1]

History[edit]

The company was founded in 1958 by Tom Cousins.[2]

In 1962, the company became a public company via an initial public offering.[2]

In 1965, the company built an office building in downtown Atlanta.[2]

In the 1970s, the company expanded into regional malls, real estate finance, and insurance but pared back after the economy softened.[2]

In 1987, Tom Cousins formed the Cousins Foundation and funded it with stock in the company.[3]

In 2002, Thomas Cousins retired from his position as CEO, but remained chairman of the board of directors until the end of 2006, at which time he retired.[4] R. Dary Stone also stepped down from the president and COO positions in 2002.[5][6]

In 2004, the company partnered with Jim Wilson and Associates, Inc. to develop The Avenue at Carriage Crossing.[7]

In 2006, the company sold Frost Bank Tower, which it developed in 2004, to Equity Office for $188 million.[8] The company also sold Bank of America Plaza in Atlanta for $436 million.[9][10] In 2012, the building was sold at a foreclosure auction for $235 million.[11]

In 2013, the company acquired Park Oak Central Tower.[12] It also acquired Greenway Plaza for $950 million.[13]

In 2016, the company sold 191 Peachtree Tower for $268 million.[14][15] The company also sold The Points at Waterview for $26.8 million[16] and North Point Center East for $92.3 million.[17]

In 2016, the company acquired Parkway Properties and spun off its Houston assets into Parkway, Inc.[18][19]

In 2017, the company sold the American Cancer Society Building in Atlanta for $166 million.[20]

References[edit]

  1. ^ a b c d e f g h Cousins Properties Incorporated 2016 Form 10-K Annual Report
  2. ^ a b c d Wotapka, Dawn (May 26, 2017). "Cousins Properties Refocusing on Urban Properties". National Association of Real Estate Investment Trusts. 
  3. ^ Lufrano, Sonny (March 5, 2001). "Tom Cousins builds dynasty from the heart". American City Business Journals. 
  4. ^ "Thomas Cousins set to retire". American City Business Journals. November 16, 2006. 
  5. ^ Starkman, Dean (January 8, 2002). "Cousins Properties' Stone to Step Aside To Take Post With Operating in Texas". The Wall Street Journal. (subscription required)
  6. ^ Miller, Jessica (January 22, 2002). "President of Cousins Properties steps down". National Real Estate Investor. 
  7. ^ Aldinger, Jane (March 7, 2004). "Cousins joins in Collierville mall venture". American City Business Journals. 
  8. ^ Mistretta, A.J. (August 3, 2006). "Frost Bank Tower sells for record $188 million". American City Business Journals. 
  9. ^ Webb, Bailey (July 21, 2006). "Cousins To Sell Bank of America Plaza for Record Price". CoStar Group. 
  10. ^ "BentleyForbes Completes $436 Million Acquisition of Atlanta's Bank of America Plaza" (Press release). Business Wire. October 2, 2006. 
  11. ^ "Foreclosed for $235M: Bank of America Plaza". American City Business Journals. February 7, 2012. 
  12. ^ "Cousins Properties acquires Post Oak Central tower complex". American City Business Journals. February 8, 2013. 
  13. ^ Zucker, Shaina (September 9, 2013). "Sold! Greenway Plaza sale officially a done deal". American City Business Journals. 
  14. ^ "Cousins Announces Closing Of One Ninety One Peachtree Disposition" (Press release). PRNewswire. October 25, 2016. 
  15. ^ Sams, Douglas (October 26, 2016). "Cousins sells One Ninety One Peachtree for $268 million (SLIDESHOW)". American City Business Journals. 
  16. ^ Knight, Tessia (January 19, 2016). "Cousins Properties Monetizes The Points at Waterview in Synergy Park". CoStar Group. 
  17. ^ Kenney, Wesley (January 20, 2016). "Accesso Partners Acquires North Point Center East in Alpharetta for $92.3 Million". CoStar Group. 
  18. ^ "Cousins Closes Merger with Parkway and Prepares to Spin Off Combined Company's Houston-Based Assets" (Press release). PRNewswire. October 6, 2016. 
  19. ^ "Cousins Completes Spin-Off of Parkway, Inc" (Press release). PRNewswire. October 6, 2016. 
  20. ^ Wiley, Benjamin (June 20, 2017). "Cousins Properties Sells ACS Bldg. in Downtown Atlanta for $166 Million". CoStar Group. 

External links[edit]