Monday, July 29, 2013

Cousins Reports Results for the Second Quarter of 2013

816 Congress, Austin, TX

ATLANTA-- Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended June 30, 2013

Larry Gellerstedt
 Funds From Operations for the quarter was $0.12 per share, $0.14 per share before preferred stock redemption charges.
  • Same property net operating income for the quarter increased 4.7% over prior year.
  • Leased or renewed 413,000 square feet of office and retail space.
  • Acquired 816 Congress, a 435,000-square-foot Class-A office tower in downtown Austin, Texas.

Colorado Tower rendering
Austin, TX
Commenced construction of Colorado Tower, a 371,000-square-foot Class-A office tower in downtown Austin, Texas.
“It was another solid quarter, highlighted by the 816 Congress acquisition and the commencement of Colorado Tower in Austin,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins.

“We were also pleased with our leasing progress, particularly at Promenade and 2100 Ross, where our re-positioning efforts continue to drive results.”

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications

Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer

Cousins Properties Announces Offering of 60 Million Shares of Common Stock

Greenway Plaza, Houston, TX

 ATLANTA, GA --Cousins Properties Incorporated (the “Company”) (NYSE: CUZ) today announced that it has commenced an underwritten public offering of 60 million shares of its common stock. The underwriters are expected to be granted a 30-day option to purchase up to an additional 9 million shares.

777 Main Street office building, Fort Worth, TX
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price (and related transaction expenses) of the previously announced pending acquisition of a 5.3 million square foot Texas office portfolio comprised of Greenway Plaza, a 10-building office complex in Houston, Texas, and 777 Main Street, a Class A office tower in Fort Worth, Texas, for a total purchase price of approximately $1.1 billion.

Any remaining proceeds will be used for general corporate purposes, including the redemption of all or a portion of the Company’s Series B Preferred Stock, the acquisition and development of office properties, other opportunistic investments and the repayment of debt.

J.P. Morgan and BofA Merrill Lynch are acting as joint-book-running managers for the offering.  

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice President of Investor Relations and Corporate Communications

The Residences at W Atlanta – Downtown Welcomes Top-Selling Agent Jill Grenuk to Sales Team

The Residences at W Atlanta - Downtown, Atlanta, GA

ATLANTA, GA (July 29, 2013) – With 50% of the homes sold, The Residences at W Atlanta – Downtown welcomes The Marketing Directors’ Jill Grenuk to help sell the remaining inventory.

Jill Grenuk
Grenuk was ranked #1 in New Home Sales by the Atlanta Board of Realtors in both 2011 and 2012, and came to The Residences at W Atlanta – Downtown after selling out The Brookwood condominiums. Grenuk joins Erik Dowdy, the on-site salesperson responsible for the project’s successful sales to date.

 “This is an exciting time to join the team at The Residences at W Atlanta – Downtown,” says Grenuk. “The project offers buyers the unique opportunity to purchase new construction, something otherwise unavailable in the city. Developers simply can’t build homes of this caliber for the cost to buy them today.  The value proposition for buyers is extremely compelling.”

 The Residences at W Atlanta – Downtown has now sold out of one-bedroom homes, with remaining two- and three-bedroom homes and two-story penthouses priced from $431,900 to $1.8 million.

One of Atlanta’s last new construction opportunities, the condos  feature the finest five-star luxury finishes including Gaggenau appliances, Dornbracht fixtures, floor-to-ceiling windows and private balconies. 

For a complete copy of the company’s news release, please contact:

Liz Lapidus /Kate Thacker
Liz Lapidus Public Relations

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Atlantic Station’s BB&T Atlanta Open Courts Dedicated To City of Atlanta; Courts to be open for community use


ATLANTA, GA (July 29, 2013) – North American Properties (NAP) and CBRE Global Investors, in partnership with USTA Southern and USTA, announced Sunday the dedication of four tennis courts located in Atlantic Station to the City of Atlanta. 

Atlantic Station, Atlanta, GA
The courts will give residents of metro Atlanta the opportunity to play tennis in the heart of Midtown. 

At the conclusion of the BB&T Atlanta Open, a weeklong tennis tournament in Midtown Atlanta’s Atlantic Station, Mark Toro, managing partner at NAP, officially announced the dedication of the tennis courts to the City of Atlanta’s Department of Parks and Recreation (DPR). The DPR will now manage and maintain the courts. 

The four courts used during the US Open Series’ BB&T Atlanta Open were constructed in Atlantic Station in partnership with USTA Southern and USTA for the tournament.

John Isner
The residents of metro Atlanta will soon have the opportunity to play on the same courts used by ATP World Tour players such as John Isner and Andy Roddick.

“We are honored to dedicate these courts to the City of Atlanta so that tennis enthusiasts throughout Atlanta can enjoy playing in this unique in-town setting,” said Toro. “Hosting the BB&T Atlanta Open at Atlantic Station has been a priceless experience, and we hope that opening these courts to the community will create a lasting legacy of tennis in Midtown.”  

Andy Roddick
The courts will be open for community use in August. Check with Atlantic Station’s Concierge Desk for more information on official opening and court reservation details.  

For a complete copy of the company’s news release, please contact:

Elizabeth Hagin
The Wilbert Group
404-748-1367 (O) 678-642-4301 (C)

Quest Workspaces Entering West Palm Beach, FL Market; Signs Full-Floor Lease at Northbridge Centre

Northbridge Centre, 515 North Flagler Drive, West Palm Beach, FL

WEST PALM BEACH, FL – Gaining a new class A option for downtown tenants, Gaedeke Group has signed a 10-year lease with one of Florida's fastest-growing executive center operators, Quest Workspaces, for an entire floor of Northbridge Centre's pavilion.

Laura Kozelouzek
The lease, totaling 12,783 sf, adds a new dimension to the marketplace for new and existing tenants at 515 N. Flagler Dr. and elsewhere, providing alternative workplaces with hospitality-style services for businesses' overflow needs, entrepreneurs, startups and virtual offices.

"This will be the best value in downtown West Palm Beach. Offering the freedom to work the way you want," says Laura Kozelouzek, founder and CEO of New York-based Quest Workspaces. Preleasing is underway for the Sept. 1 launch.

Quest Workspaces prides itself on creating a turnkey office environment with high-end hospitality-style services and the resources of large corporate office.  The company's centers attract clients from startups to Fortune 100 companies.

Kirk Fetter
At Northbridge Centre, Quest Workspaces' offices will range from 80 sf to 250 sf, with flexible lease terms and full-service business offerings from IT to concierge.

 The signature amenity at every location is Quest Café, a coffee bar-atmosphere for networking, socializing and breaks from the workday, enabling a co-working environment and dynamic office community.

Lance A. Benson
Kozelouzek's early career in the hospitality industry and years of experience as a business center executive set the stage for her first venture into the executive center business, Synergy Workspaces, which was sold in 2007 to Carr Workspaces after she grew it to 25 locations and more than 500,000 sf in just a few years.

 In 2010, she launched Quest Workspaces, starting in Boca Raton and expanding to Miami, Fort Lauderdale, Coral Gables, downtown Manhattan and now West Palm Beach.

Palm Beach Judicial Center
"We feel it will add a lot of new excitement for the project," says Kirk Fetter, vice president of leasing for Dallas-based Gaedeke Group. "Quest Workspaces had looked at the space about two years ago and came back to us when they were ready to expand again."

Quest Workspaces has leased the third floor of the four-story pavilion, with expansion rights for additional floors in the just-signed deal. Lance Benson, executive managing director in Miami for Newmark Grubb Knight Frank, represented Quest Workspaces, a member of the Alliance Business Centers network.

The dealmakers were the 288,233-sf Northbridge Centre's class A packaging of amenities, water views, neighboring Palm Beach Judicial Center and short walk to more than 80 restaurants and shops in the central business district. 

Adding to the property's appeal, Northbridge Centre also sports an on-site bank, salon, valet, 24/7 security and parking garage.

"We really focus on amenities at our centers," Kozelouzek says. She's already struck a deal for Quest Workspaces' clients to receive a VIP discount on monthly rates at Northbridge Centre's Palm Beach Waterfront Fitness Club, just like the prestigious property's other tenants.

Eriika Strimer, Trainer
Palm Beach Waterfront Fitness Club
" She's also eyeing use of the pavilion's landscaped rooftop terrace for executive center functions.

"We build relationships throughout the entire community, including the building and other tenants in the building," Kozelouzek says. "The reason I love this industry so much is because I get to help so many businesses."

Gaedeke Group is a services-driven landlord unto itself, actively engaging its tenants, brokerage firms, the community at large and non-profit organizations by hosting and sponsoring a full calendar of events and fundraisers in markets where it has properties.

 "There is going to be a lot of synergy between us," Kozelouzek says, citing a special program her company offers to help meet space needs of charitable organizations. 

For a complete copy of the company’s news release, please contact:

Kirk Fetter,


PCCP, LLC Provides $27.1 Million Senior Loan to a Transwestern Partnership to Acquire 299,792-Square-Foot REO Class A Office Park in Suburban Chicago

Corridors I and Corridors II, Downers Grove, IL

San Francisco, CA, July 29, 2013 - PCCP, LLC announced today it has provided a $27.1 million senior loan to a joint venture between Transwestern Sponsorship Equity Partners I and Soundview Real Estate Partners to acquire, re-position and lease-up Corridors I and  II, a 50.9 percent leased, two-building Class A office park totaling 299,792 square feet.

The property is located at 2651 and 2655 Warrenville Rd., in Downers Grove, Illinois within the East/West Corridor submarket of suburban Chicago.

The property had been bank-owned since November of 2011 and over-encumbered by debt since its major tenant vacated the building several years before that.  This lack of capital has hampered leasing efforts in recent years.

 “This opportunity fit well with PCCP’s business strategy,” said Jim Galovan, managing director out of PCCP’s San Francisco office. “We are teaming with an experienced operator and are financing a value-add, Class A asset that was purchased at well below replacement cost.”

  For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates


Legends Golf Club in Clermont, FL to Host Legends Junior Golf Academy for Youngsters Aged 5 - 15

Legends Golf  Club, Clermont, FL

CLERMONT, FL--- Legends Golf Club, located on U.S. 27 five miles south of S.R. 50 at 1700 Legendary Blvd. in Clermont, will host the one-day Legends Junior Golf Academy on Saturday, Aug. 17.

Kenny Nairn
Kenny Nairn, Scottish PGA professional and chief operating officer of Celebration Golf Management, said Legends Junior Golf Academy is open to boys and girls aged 5 – 15.

The free clinic will run from 9:30 a.m. to 10:30 a.m.

To register or learn more information, telephone 352-243-1118 or visit

  For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142;

Rebuilding the Retail Sector Brick by Brick

ATLANTA (July 29, 2013) – When it comes to regaining its health, the retail sector may have lagged behind its commercial real estate cousins. But that is changing. In fact, with just less than $10 billion of retail property investment sales in the first quarter of 2013, it would appear the sector is well on its way to recovery.    

Michael Bull
That was the consensus of a panel of experts on the most recent episode of the “Commercial Real Estate Show” radio program, hosted by Michael Bull of Bull Realty.

Home improvement stores, auto retailers and fast-casual restaurants are paving the way for retail’s recovery.

“One example is that a couple of weeks ago Noodles & Company went public, and they had some of the best returns from their public offering of any company that went public in the last 12 years,” said John Neville, partner at Arnall Golden Gregory. “That’s a great snapshot of the market’s demand for that type of fast-casual restaurant.”

Jonathan L. Neville
One of the strongest parts of retail’s recovery has been in the investment sales arena. In fact, Dan Fasulo, managing director at Real Capital Analytics, said sales of strip centers are up 30 percent on a year-over-year basis.

 “A couple of years ago, it was the institutional quality strip centers that were changing hands and seeing the value increases,” he added. “Now the market is starting to spread out to all [retail] properties.”

PricewaterhouseCooper’s (PwC) first-quarter survey indicated that retail cap rates, on a national basis, are hovering between 6 percent and 7 percent, said Mitch Roschelle, a partner at the firm and the leader of its U.S. Real Estate Advisory Practice.

Dan Fasulo
Regional malls have the lowest cap rates at around 6.5 percent, and strip centers have the highest at around 6.95 percent, while power centers fall somewhere in the middle. Looking ahead, the panel expects cap rates to continue to compress.

Distressed assets may still be desirable in some sectors, but troubled retail properties have mostly been resolved through a sale to a third party or a recapitalization. “Anyone that’s still waiting for this wave [of distressed properties] to come is going to be waiting an awfully long time,” said Fasulo.

Mitch Roschelle
Foreign investors have exhibited a hearty appetite forretail properties in a variety of markets throughout the United States, guests added. “[Foreign investors] are very interested in retail because historically retail has been a fairly elastic way to invest in real estate and enjoy economic growth at the same time,” Roschelle said.

Secondary markets - including Atlanta, Phoenix, Minneapolis and Denver, as well as parts of Florida and Texas – are experiencing big increases in retail investment sales, Fasulo noted. Dallas has been one of the big standout markets, said Roschelle.

  For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group

Cobalt Capital Partners sells 1.4 million square foot Dallas, TX industrial portfolio

Lewis D. Friedland
DALLAS, TX – HFF announced today that it has closed the sale of a 14-building, 1.4 million-square-foot industrial portfolio in Dallas, Texas on behalf of Cobalt Capital Partners, L.P., advisor to Cobalt Industrial REIT.

 The portfolio was 96 percent leased to 28 quality tenants with an average remaining lease term of six years.  The buildings were purchased between 2003 and 2007 and remained well-leased during Cobalt’s ownership. 

Randy Baird
 “This portfolio of assets was well-leased to a group of financially strong tenants, which made it attractive to market the buildings for sale,” said Lewis D. Friedland, Cobalt’s managing partner.

  “Our asset management and property management teams did a great job of creating value through leasing activity and tenant retention, which maximized the value for our investors.”

Jud Clements
HFF’s Randy Baird, Jud Clements and Robby Rieke exclusively represented Cobalt in the transaction.

Cobalt Capital Partners, a Dallas-based private equity firm invests in light industrial property in major metropolitan markets throughout the United States. 

Cobalt Industrial REIT is a private REIT advised by Cobalt Capital Partners.  Across its national platform, Cobalt Capital Partners entities own more than 29 million square feet of light industrial space in 17 major metropolitan markets.

Robby Rieke
 For information on Cobalt Capital Partners or to submit an investment for review, please visit our website  

  For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Frank W. Meyrath Jr. Joins Bull Realty’s National Retail Group

Frank W. Meyrath Jr.
ATLANTA (July 29, 2013) – A veteran of the commercial real estate and finance industries, Frank W. Meyrath Jr. has joined Bull Realty as vice president of the firm’s National Retail Group. Meyrath’s focus will be representing buyers and sellers in the acquisition, disposition and financing of retail properties in the Southeast.

Prior to joining Bull Realty, Meyrath was a loan specialist for Ally Bank, where he developed and managed a portfolio of more than $500 million of loans and credit lines. Meyrath also has worked for Donlen Corp. and Ford Motor Credit Co. He has a more-than-15-year track record in the commercial real estate and finance sectors.

Michael Bull
“We could not be more excited about the powerful combination of expertise and experience that Frank brings to our National Retail Group,” said Michael Bull, president and founder of Bull Realty.

 “He has developed a strong reputation as a ‘go-to’ guy who excels in pushing deals to the finish line. As one investment manager recently put it, ‘Frank is tenacious at getting deals done.’ We’re thrilled to be able to put that tenacity to work for our clients.”

  For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
Please note new office number: (404) 549-7150
Cell: (404) 405-2354

Condo Boom Town: Median Presale Price Reaches $725 PSF In South Florida

Rendering of Crimson Residences on Biscayne Bay
 Downtown Miami, FL

MIAMI, FL -- Developers are betting on a monumental comeback of the South Florida condo market by asking a median presale price of $725 per square foot for the thousands of preconstruction units currently proposed for the tricounty coastal region of Miami-Dade, Broward, and Palm Beach some seven years after the dramatic real estate downturn of 2007, according to a new report from

Peter Zalewski
Preconstruction condo prices in South Florida range from less than $250 per square foot to nearly $2,650 per square foot with a mean price of $960 per square foot, according to a new survey of the nearly 50 projects that are currently preselling units.

On a county-by-county basis, the mean price for a preconstruction condo is more than $1,060 per square foot in Miami-Dade, nearly $575 per square foot in Palm Beach, and less than $500 per square foot in Broward, according to the report.  

A list of the pre-construction condo project prices will be distributed during a lunch presentation by real estate consultant Peter Zalewski of Condo Vultures® LLC on July 30, 2013 in Greater Downtown Miami.

The event - but not the research - is sponsored by the mckafka Development Group, which is building  the proposed Crimson Residences On Biscayne Bay condo tower in Downtown Miami's Edgewater neighborhood.

(For information on attending the luncheon, call 305-377-3337 or send an email to

  For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.

John Crossman to Speak at The University of Florida: How to Leverage Your MSRE Experience

University of Florida, Gainesville, FL

Gainesville, FL- John Crossman, President of Crossman & Company will be returning to the University of Florida to speak for the second time this year on Aug. 1. John will speak to students on how to leverage their experience as part of the universities MSRE program.

John Crossman
 “The University of Florida’s Bergstrom Center for Real Estate Studies has so much to offer students. My goal is to make sure they take advantage of this experience and use it to propel themselves forward in their future career,” stated Crossman.

  For a complete copy of the company’s news release, please contact:

Claire Pagán at

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Island Hospitality Expands Management Portfolio With First Hyatt Place Contract

Hyatt Place Pittsburgh North Shore Hotel, Pittsburgh, PA

PALM BEACH, FlL, July 29, 2013—Officials with Island Hospitality, one of the nation’s largest hotel management companies, today announced that it has been engaged by Chatham Lodging Trust (NYSE:CLDT) to operate the 178-room Hyatt Place® Pittsburgh/North Shore in Pittsburgh, Pa.

Tim Walker
This engagement marks Island’s sixth Hyatt-branded hotel, (it currently manages five Hyatt House properties) and its entry into the growing Pittsburgh market.

The hotel was acquired earlier this year by Chatham Lodging Trust, a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium branded select-service hotels.

“Island has enjoyed a long and successful partnership with Hyatt and their Hyatt Place brand recently was awarded J.D. Power’s highest ranking for guest satisfaction among upscale hotel brands,” said Tim Walker, president of Island Hospitality.

“The Pittsburgh Hyatt Place adds this well regarded, premium brand to our growing portfolio of 77 U.S. hotels and resorts, and 15 different brands.  The hotel is practically new and the Pittsburgh market is rife with tremendous business and leisure demand generators. 

“We are confident that we can take advantage of the property’s upside potential.”

 For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
Daly Gray, Inc.

Second Quarter Investments Add Seven Hotel Notes to Peachtree Hotel Group Portfolio


                ATLANTA, Ga., July 29, 2013—Peachtree Hotel Group, one of the nation’s fastest growing hotel acquisition, management, development and ownership groups, today announced that it invested more than $50 million in seven hotels during the 2013 second quarter and is on track to exceed its 2013 acquisition and investment goals before the end of the third quarter.

Greg Friedman
            “Our first quarter activity included the acquisition of six assets, while the second quarter was dominated by note purchases and direct loan originations” said Greg Friedman, Peachtree CEO. 

“We set a 2013 goal of growing our total portfolio by 15 assets, and at the mid-point of the year, we have outpaced our own aggressive plan. 

“Our ability to invest in all levels of the capital stack; equity, senior debt, mezzanine, etc. enables us to fully participate in this volatile market. We continue to have a healthy appetite for all areas of engagement and have both the financial capacity and the professional capabilities to continue executing at this pace.” 

Jatan Desai
Jatin Desai, chief investment officer, noted that the company already has three hotels under contract with closings scheduled for Q3; a Fairfield Inn & Suites and two Hilton Garden Inns.

 For a complete copy of the company’s news release, please contact:

 Lauralee Dobbins or Chris Daly, media
 (703) 435-6293