Cousins to move headquarters downtown

[Martinman]

Purchase of troubled 191 tower seen as boost to business district - AJC

In a move that could be a shot in the arm for downtown, Cousins Properties, the metro area's leading developer, has agreed to buy the landmark 191 Peachtree Tower and move its headquarters to the city center from Cobb County.

"Our headquarters move gives Cousins an opportunity to participate in and contribute to the exciting revitalization efforts going on downtown," said Craig Jones, Cousins' executive vice president and chairman of the Atlanta Downtown Improvement District, in a statement. "Our company has always supported a dynamic downtown, and now we'll be in a better position to help make it happen."

It's not a huge number of employees but I think it is another sign of the gaining momentum downtown.

[atlrvr]

Wow.....what does that mean for Terminus? They were planning on taking 3 floors there. I guess office space in Buckhead is easier to fill than space in 191.

Good for Cousins, though I can assume there are some pissed off employees who live in Cobb and northern Fulton.

[Andrea]

Wow.....what does that mean for Terminus? They were planning on taking 3 floors there. I guess office space in Buckhead is easier to fill than space in 191.

Good for Cousins, though I can assume there are some pissed off employees who live in Cobb and northern Fulton.

Just to repeat what I said elswhere, it's also an incredibly good deal for Cousins. They picked up a trophy office building for 1/3 of what the BOA tower just sold for.

Much of the growth in Buckhead and Midtown over the last 20 years has been at the expense of downtown Atlanta, and it's nice to see that the old CBD is still kicking.

[micropundit]

We plan to use of relationships and economic power to improve the situation downtown," Bell said. "We want more people on the streets at night, we want people to feel more confident at all hours of the day. We have significant resources to bring to bear on that."

This is the key principle involved regarding the move, getting others involved and investing resources will make all of the difference in the world.

[Martinman]

Isn't the head of Cousins on the Peachtree corridor task force?

At any rate they would know a lot better than Equity whats in store for downtown.

I think they got a major steal and they also just agreed to sell Austin's tallest (33 stories) to Equity for more than they're paying for 191.

[ironchapman]

Just to repeat what I said elswhere, it's also an incredibly good deal for Cousins. They picked up a trophy office building for 1/3 of what the BOA tower just sold for.

Much of the growth in Buckhead and Midtown over the last 20 years has been at the expense of downtown Atlanta, and it's nice to see that the old CBD is still kicking.

Agreed on both accounts. Cousins got a great deal on a great (and unique) looking tower for their HQ.

However, I would be interested to find out who's taking their space in Terminus.

[Andrea]

However, I would be interested to find out who's taking their space in Terminus.

Well, this announcement is good news for the Buckhead office market, too. Cousins' willingness to take space downtown clearly reflects confidence in their ability to lease up the Terminus towers. Terminus is a billion dollar investment for them and they're obviously not going to do anything to harm their own project.

[Lady Celeste]

This is great news.........kudos to Cousins. I think with the update to the old Planet Hollywood spot, Cousins will be in a new up and coming trendy location.

[ironchapman]

This is great news.........kudos to Cousins. I think with the update to the old Planet Hollywood spot, Cousins will be in a new up and coming trendy location.

Where was Planet Hollywood (and why'd it close--lack of business?)?

Anyways, like I said, this is great to hear, especially for the downtown office market and the 191 Peachtree Tower.

BTW: Andrea, I suppose you are right, it does show that Cousins is indeed confident enough in Terminus and the Buckhead market to move downtown.

[Lady Celeste]

Where was Planet Hollywood (and why'd it close--lack of business?)?

Anyways, like I said, this is great to hear, especially for the downtown office market and the 191 Peachtree Tower.

BTW: Andrea, I suppose you are right, it does show that Cousins is indeed confident enough in Terminus and the Buckhead market to move downtown.

It was across the street from the Hard Rock Cafe. It closed due to slow business. It, like the Hard Rock, opened right as the resurgence was about to take place downtown. Hard Rock has enough following to make it....the Planet Hollywood didn't. The company who bought it (two brothers) want to give the building a Times Square effect. They may even add floors (condos?) on top building. From what I read, it will have a boutique hotel, condos and two or three new restaurants. This will be a great shot in the arm for downtown.

[ironchapman]

It was across the street from the Hard Rock Cafe. It closed due to slow business. It, like the Hard Rock, opened right as the resurgence was about to take place downtown. Hard Rock has enough following to make it....the Planet Hollywood didn't. The company who bought it (two brothers) want to give the building a Times Square effect. They may even add floors (condos?) on top building. From what I read, it will have a boutique hotel, condos and two or three new restaurants. This will be a great shot in the arm for downtown.

We're talking about 191 Peachtree having condos shops, etc. right?

Great news to hear!

[JerseyBoy]

We're talking about 191 Peachtree having condos shops, etc. right?

Great news to hear!

No, the old Planet Hollywood building. Doesn't the Planet Hollywood building have a parking deck on top of it?

[Andrea]

BTW: Andrea, I suppose you are right, it does show that Cousins is indeed confident enough in Terminus and the Buckhead market to move downtown.

I think Cousins said there wouldn't be any room left for them in the Terminus 100 tower and that the second tower won't be ready until 2009. So 191 is really a good fit, as well an incredible bargain.

191 has over a million square feet, so if they can lease it up at market rates it will pay for itself within 6 or 7 years.

[ryanmckibben]

I think Cousins said there wouldn't be any room left for them in the Terminus 100 tower and that the second tower won't be ready until 2009. So 191 is really a good fit, as well an incredible bargain.

191 has over a million square feet, so if they can lease it up at market rates it will pay for itself within 6 or 7 years.

1.2 million to be exact

[Martinman]

Maria Saporta had an encouraging interview with Cousins Properties founder, Tom Cousins

Cousins endorses company's decision to move downtown - AJC

So what does founder Tom Cousins think about Cousins Properties' announcement last week that it was buying the nearly-vacant 191 building and moving the company headquarters to downtown's bull's eye?

"That's going to be without question the top building and the top location in downtown Atlanta," says Cousins, who spoke in an interview last week. "I do believe the future of downtown is brighter than it's been in my memory.

But no expression of interest is as great as moving the headquarters downtown. Cousins says he's been "pleasantly surprised" that the move is being embraced by the firm's employees.

"There's a complete willingness and excitement about moving downtown and helping with this renaissance that's going to take place whether we are there or not; but we can help," he says.

[Andrea]

Maria Saporta had an encouraging interview with Cousins Properties founder, Tom Cousins

Martinman, you've probaby seen this but it's interesting to read the comments from Equity Office's leasing manager, Bill Hollett, in the roundtable discussion in this week's ABC.

He was specifically asked whether he saw "the Midtown market continuing to steal away big name tenants from downtown in the next year, or is it going to level off?" Despite Equity's public laments about the poor condition of the downtown market, Mr. Hollett said he believed the trend was going to slow down to some extent.

[Martinman]

Closing a "best week ever" for Downtown the Business Chronicle reports that with a lease expansion by Southern Company, 30 Allen Plaza is now fully leased, including retail space.

Bakery cafe chain Au bon Pain will join FAB in the ground level space.

[mjcatl2]

I don't see this as any sign that downtown is kickin'. Perhaps is a non real estate company located downtown. Cousins saw a deal for a great building. Nobody wants to be downtown. If they get that building well occupied, that's a start, but look at everything that going up elsewhere in the market, downtown gets very little of that growth.

[Kenneth Disraili-Jean]

No, the old Planet Hollywood building. Doesn't the Planet Hollywood building have a parking deck on top of it?

[Martinman]

a little update on 191

Tom Bell said during an earnings call that Cousins expects to beat its lease-up pro forma for One Ninety One, and could have 400,000 to 500,000 square feet leased by the end of the year.

Bell added that Cousins has leased about 160,000 square feet since purchasing the building last fall and has letters of intent for another 123,000 square feet.