ATLANTA, April 3, 2017 /PRNewswire/ -- Hines, the international real estate firm, and Cousins Properties (NYSE: CUZ), the Atlanta-based REIT, announced today that Spaces, Regus' flexible workspace concept, has signed a 34,000 square-foot, 11-year lease at 8000 Avalon, a 224,000 square foot Class A office development in Atlanta, GA.
"We are pleased to announce that Spaces has chosen 8000 Avalon as its next location in Atlanta," said John Heagy, Senior Managing Director of Hines. "Spaces is an innovative concept focused on the social side of the flexible workspace industry which ties in well with what we've created in the Avalon community."
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 is currently under construction. With the addition of Spaces, 8000 Avalon is now 40% leased.
"Cousins and Hines are thrilled to have Spaces as a new customer at 8000 Avalon," said Larry Gellerstedt, president and chief executive officer of Cousins. "Spaces adds a unique element to 8000 Avalon and the entire mixed-use district by offering meeting rooms and coworking spaces to the next generation of business owners and entrepreneurs. We look forward to having Spaces open for business this fall."
Spaces was represented in the lease negotiations by David Demarest, Brannan Moss and Jennifer Ziegler of JLL.
About Cousins Properties Incorporated
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA 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 Incorporated