ATLANTA, Aug. 18, 2017 /PRNewswire/ -- Hines, the international real estate firm, and Cousins Properties (NYSE: CUZ), the Atlanta-based REIT, signed a new 10-year lease totaling 43,800 square feet with SAP at 8000 Avalon in Atlanta. The 224,000-square-foot Class-A office development is now 93% leased, up from 73% leased on June 30, 2017.
"Hines and Cousins are excited to add SAP, the leader in enterprise application software, to 8000 Avalon's fantastic roster of high-caliber companies," said John Heagy, Senior Managing Director of Hines. "We believe the successful development and lease-up of 8000 Avalon represents a significant milestone for the Avalon mixed-use community. We broke ground in March 2016, and today, 60 days after delivering the project, we are 93% leased."
8000 Avalon is the only high-rise office building in Avalon, a leading mixed-use development in North Atlanta. Hines and Cousins entered into a joint venture to develop the $73 million project, which was completed in June 2017. The joint venture recently exercised its option to purchase the second and only remaining office pad at Avalon with plans to begin construction once the project achieves meaningful pre-leasing.
"Cousins and Hines are thrilled with the amount of activity and interest we see for Class-A office space in this niche market in Atlanta," said Thad Ellis, Cousins' Senior Vice President and Atlanta Managing Director. "Being part of 8000 Avalon puts SAP, as well as all of our customers and their employees and guests, at the center of a vibrant mixed-use district. Not only do they have access to attractive housing options and 580,000 square feet of retail and restaurants, but they are also located near the new 330-room Hotel Avalon and Alpharetta Conference Center, both part of a first-class Marriott-affiliated Autograph Collection hotel."
The new facility will consolidate SAP employees from two Alpharetta locations into one North Atlanta office supporting the SAP® and SAP Ariba® solution portfolios. The new location will be in addition to SAP's office in the Buckhead district of Atlanta.
SAP was represented in the lease negotiations by Gregg Metcalf, Tim McCarthy and Ryan Fetz of JLL.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class-A office towers located in high growth Sunbelt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. 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.
SOURCE Cousins Properties