"Partnering with Jack Myers and developing in San Francisco has been a great success for Cousins," said Tom Bell, president and CEO of Cousins. "These two buildings brought significant new activity to the Financial District and contributed much to the growing South of Market corridor. As with any quality asset, it's tough to part with but we've been able to create and harvest outstanding value for our shareholders with this sale."
"Our commitment to San Francisco and the opportunities for growth and development here remains unchanged with the disposition of these important assets," said Jack Myers, Chairman & Chief Executive Officer of Myers Development Company. "These two buildings have helped immensely to establish our company's presence, together with Cousins, in what we believe is one of the greatest cities in the world."
CB Richard Ellis represented the Cousins/Myers partnerships in the transaction.
This is the sixth office disposition for Cousins this year. Yesterday, the Company closed on the sale of four buildings at Wildwood Office Park in suburban Atlanta for $172.5 million. Earlier this month, the Company sold Buildings III and IV at Austin Research Park in Austin, Texas to a private equity fund for $78.7 million. In early August, the Company sold The Pinnacle and Two Live Oak, both in Atlanta, to TIAA-CREF for $200 million. In late July, the Company sold 101 Independence Center, a 20-story, 526,000-square-foot office building in downtown Charlotte, N.C., to American Financial Realty Trust for $100 million. In May, Cousins sold 333 John Carlyle and 1900 Duke Street, both in Alexandria, Va., to Grosvenor USA Limited for $80 million.
Myers Development Company, established in 1974, has developed over $1.1 billion of real estate in California and Hawaii. The company's developments include office, hotel, golf course, residential, shopping center and industrial properties. Its current development activities include 80 Natoma, a 51-story, 423-unit condominium in San Francisco and The Peninsula Mandalay, an 18-story, 112-unit condominium in South San Francisco. For more information on the company, please visit Myers' Web site at www.myersdevelopment.com.
Cousins Properties Incorporated, headquartered in Atlanta, has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office, industrial and land development projects. The Company's portfolio consists of interests in 10.6 million square feet of office and medical office space, 3.1 million square feet of retail space, over 1,980 acres of strategically located land tracts for sale or future development, and significant land holdings for development of single family residential communities. Cousins also provides leasing and management services to third-party investors; its client-services portfolio comprises 8.9 million square feet of office space. Cousins is a fully integrated equity real estate investment trust (REIT) that has been public since 1962 and trades on the New York Stock Exchange under the symbol "CUZ." For more information on the Company, please visit Cousins' Web site at www.cousinsproperties.com.
Certain matters discussed in this news release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risks, including, but not limited to, general and local economic conditions, local real estate conditions, the activity of others developing competitive projects, the cyclical nature of the real estate industry, the financial condition of existing tenants, interest rates, the Company's ability to obtain favorable financing or zoning, environmental matters, the effects of terrorism, the failure of assets under contract for sale to ultimately close and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Current Report on Form 8-K filed on December 10, 2003. The words "believes", "expects", "anticipates", "estimates" and similar expressions are intended to identify forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in any forward-looking statement are reasonable, the Company can give no assurance that these plans, intentions or expectations will be achieved. Such forward-looking statements are based on current expectations and speak as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.