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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.
 | |
| Company type | Public company |
|---|---|
| NYSE: CUZ S&P 400 component | |
| Founded | 1958 |
| Founder | Tom Cousins |
| Headquarters | Atlanta, Georgia, United States |
Key people | |
| Revenue |  $657 million (2019) |
| $150 million (2019) | |
| Total assets | $7.151 billion (2019) |
| Total equity | $4.427 billion (2019) |
Number of employees | 331 (2019) |
| Website | www |
| Footnotes / references [1] | |
As of December 31, 2019, the company owned wholly or through joint ventures 38 properties comprising 21,767,000 square feet.[1]
History edit
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]
References edit
- ^ a b c "Cousins Properties Incorporated 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d Wotapka, Dawn (May 26, 2017). "Cousins Properties Refocusing on Urban Properties". National Association of Real Estate Investment Trusts.
- ^ Lufrano, Sonny (March 5, 2001). "Tom Cousins builds dynasty from the heart". American City Business Journals.
- ^ "Thomas Cousins set to retire". American City Business Journals. November 16, 2006.
- ^ Starkman, Dean (January 8, 2002). "Cousins Properties' Stone to Step Aside To Take Post With Operating in Texas". The Wall Street Journal.
- ^ Miller, Jessica (January 22, 2002). "President of Cousins Properties steps down". National Real Estate Investor.
- ^ Aldinger, Jane (March 7, 2004). "Cousins joins in Collierville mall venture". American City Business Journals.
- ^ Mistretta, A.J. (August 3, 2006). "Frost Bank Tower sells for record $188 million". American City Business Journals.
- ^ Trubey, J. Scott (February 8, 2012). "Bank of America Plaza becomes Atlanta's priciest repo". The Atlanta Journal-Constitution.
- ^ "BentleyForbes Completes $436 Million Acquisition of Atlanta's Bank of America Plaza" (Press release). Business Wire. October 2, 2006.
- ^ "Foreclosed for $235M: Bank of America Plaza". American City Business Journals. February 7, 2012.
- ^ "Cousins Properties acquires Post Oak Central tower complex". American City Business Journals. February 8, 2013.
- ^ Zucker, Shaina (September 9, 2013). "Sold! Greenway Plaza sale officially a done deal". American City Business Journals.
- ^ "Cousins Announces Closing Of One Ninety One Peachtree Disposition" (Press release). PR Newswire. October 25, 2016.
- ^ Sams, Douglas (October 26, 2016). "Cousins sells One Ninety One Peachtree for $268 million (SLIDESHOW)". American City Business Journals.
- ^ "Cousins Properties Announces Sale Of The Points Of Waterview And North Point Center East" (Press release). PR Newswire. January 14, 2016.
- ^ Schenke, Jarred (January 15, 2016). "CUZ Sells North Point Office Park". Bisnow Media.
- ^ "Cousins Closes Merger with Parkway and Prepares to Spin Off Combined Company's Houston-Based Assets" (Press release). PR Newswire. October 6, 2016.
- ^ "Cousins Completes Spin-Off of Parkway, Inc" (Press release). PR Newswire. October 6, 2016.
- ^ Loria, Keith (June 21, 2017). "Atlanta's ACS Building Commands $166M". Commercial Property Executive.
External links edit
- Business data for Cousins Properties Incorporated: