Monday, August 4, 2008

Cousins and The Related Group Complete Sale of Residential Units at 50 Biscayne in Miami

Bulk purchase of 120 residential units by Related/Lubert-Adler partnership closed in late July

ATLANTA--Aug. 4, 2008--Cousins Properties Incorporated (NYSE:CUZ) announced today it and partner The Related Group have closed on the sale of the remaining 120 residential units at 50 Biscayne, (top left photo) a 54-story, 528-unit luxury condominium tower in Miami, Florida.

The buyer is a partnership of The Related Group and private equity firm Lubert-Adler Partners. The units were sold for a total price of $30.3million.

The sales ends Cousins' involvement in the tower's residential units but the Cousins/Related partnership continues to own seven commercial condominium units in the building. Since delivering 50 Biscayne, the Cousins/Related partnership has closed the sale of 528 residential units and six commercial units.

Cousins share of the pre-tax profit on the project to date is estimated to be approximately $18 million before minority interest.

"Quality product tends to succeed even in difficult markets and 50 Biscayne is a prime example of that. The building has weathered a turbulent South Florida condominium market and produced better than expected results," said Tom Bell, (bottom right photo) chairman and CEO of Cousins. "We thank Jorge Perez, Thomas Daly and the Related team for being a top-flight partner."

Jorge Perez,(top right photo) chairman and CEO of The Related Group said, "50 Biscayne is an award-winning product in our portfolio and significant credit is due to our partnership with Cousins Properties. Their diverse development expertise instills confidence that we can anticipate success with future collaborations."

CONTACTS:

Investments-- Jim Fleming, Chief Financial Officer, 404-407-1150 jimfleming@cousinsproperties.com or

Media--Matt Gove, Senior Vice President, 404-407-1490
at

No comments:

Post a Comment