Cousins Properties

Cousins Properties Incorporated is a publicly traded real estate investment trust (REIT) that invests in office buildings in Atlanta, Charlotte, Austin, Phoenix, Tampa, and Chapel Hill, North Carolina.[1] The company has developed notable properties including CNN Center, Omni Coliseum, 191 Peachtree Tower, and Emory Point in Atlanta.

Cousins Properties Incorporated
Public company
Traded asNYSE: CUZ
S&P 400 component
Founded1958 (1958)
FounderTom Cousins
HeadquartersAtlanta, Georgia, United States
Key people
 S. Taylor Glover, Chairman
Lawrence L. Gellerstedt III, CEO
Gregg D. Adzema, CFO
Revenue $657 million (2019)
$150 million (2019)
Total assets $7.151 billion (2019)
Total equity $4.427 billion (2019)
Number of employees
331 (2019)
Websitewww.cousinsproperties.com
Footnotes / references
[1]
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

As of December 31, 2019, the company owned wholly or through joint ventures 38 properties comprising 21,767,000 square feet.[1]

History

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 EQ 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 and North Point Center East for $92.3 million.[16][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]

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References
  1. "Cousins Properties Incorporated 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 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.
  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. Trubey, J. Scott (February 8, 2012). "Bank of America Plaza becomes Atlanta's priciest repo". The Atlanta Journal-Constitution.
  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). PR Newswire. October 25, 2016.
  15. Sams, Douglas (October 26, 2016). "Cousins sells One Ninety One Peachtree for $268 million (SLIDESHOW)". American City Business Journals.
  16. "Cousins Properties Announces Sale Of The Points Of Waterview And North Point Center East" (Press release). PR Newswire. January 14, 2016.
  17. Schenke, Jarred (January 15, 2016). "CUZ Sells North Point Office Park". Bisnow Media.
  18. "Cousins Closes Merger with Parkway and Prepares to Spin Off Combined Company's Houston-Based Assets" (Press release). PR Newswire. October 6, 2016.
  19. "Cousins Completes Spin-Off of Parkway, Inc" (Press release). PR Newswire. October 6, 2016.
  20. Loria, Keith (June 21, 2017). "Atlanta's ACS Building Commands $166M". Commercial Property Executive.
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