ATLANTA, June 7, 2016 /PRNewswire/ -- Hines, the international real estate firm, and Cousins Properties (NYSE: CUZ), the Atlanta-based REIT, announced today that Microsoft Corp. has signed a 43,000 square-foot lease at 8000 Avalon, a 224,000 square foot Class A office development in Atlanta, GA.
"We are thrilled that Microsoft will anchor our new 8000 Avalon office development with Cousins," said John Heagy, Senior Managing Director of Hines. "Microsoft is an exceptional global company at the forefront of technology and innovation. We look forward to a strong relationship with Microsoft for many years to come."
8000 Avalon is currently the only office building in Avalon, a leading mixed-use development in Atlanta. Hines and Cousins entered into a joint venture to develop the $72 million project, which is currently under construction. With the Microsoft lease, 8000 Avalon is now 19% leased with initial occupancy slated for second quarter 2017.
"Cousins and Hines are very excited that Microsoft chose 8000 Avalon as its future Atlanta home," said Larry Gellerstedt, president and chief executive officer of Cousins. "Being part of 8000 Avalon puts Microsoft at the center of a vibrant mixed-use district. Not only will Microsoft employees and guests have access to attractive housing options and 580,000 square feet of retail and restaurants, but they will also be located in close proximity to the new 330 room Hotel Avalon and Alpharetta Conference Center, both part of a first class Marriott-affiliated Autograph Collection hotel."
Microsoft was represented in the lease negotiations by Pete Shelton and Drew Levine of Colliers Atlanta.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use developments in Sunbelt markets. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more information, please visit www.cousinsproperties.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world, including several major projects in Manhattan. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 350 million square feet. The firm's current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. For more information, please visit www.hines.com.
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SOURCE Cousins Properties Incorporated