ATLANTA, Oct. 25, 2016 /PRNewswire/ -- Cousins Properties Incorporated (NYSE: CUZ) announced today that it has completed the disposition of One Ninety One Peachtree, a 1.2 million square foot, Class A office tower in downtown Atlanta, for a gross price of $268 million.
"One Ninety One Peachtree is an iconic Atlanta landmark and has become the office location of choice in our vibrant downtown community," said Larry Gellerstedt, president and chief executive officer of Cousins. "Cousins is proud to have been a part of downtown Atlanta's resurgence over the last ten years, and by remaining as the property manager for One Ninety One Peachtree going forward, we are excited to continue our relationship with our customers, the new owner and the downtown community."
Cousins purchased One Ninety One Peachtree in 2006 for $153 million. During Cousins' ownership, the Company completed a substantial interior renovation of the 50-story office tower and executed approximately 760,000 square feet in new leases and renewals. Today, One Ninety One Peachtree is 93 percent leased to a strong roster of customers including Deloitte, the Metro Atlanta Chamber, Cooper Carry and Hall Booth Smith.
About Cousins Properties
Cousins Properties Incorporated is a leading 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. www.cousinsproperties.com
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SOURCE Cousins Properties Incorporated