Lease for 32,000 SF brings 375,000-SF project to 67 percent leasedATLANTA--Aug. 6, 2008--Cousins Properties Incorporated (NYSE:CUZ) announced today it has signed Forestar Real Estate Group Inc.(NYSE: FOR) to a 32,000-square-foot lease in Building II at PalisadesWest, a two-building, 375,000-square-foot office project under construction in southwest Austin, Texas.
The lease, the first in the project's second building, brings Palisades West to 67 percent leased overall. The project's 220,000-square-foot first building is fully leased to Dimensional Fund Advisors. Both buildings are expected to deliver this fall.
"Palisades West is fulfilling its promise as a great corporate office site with this new commitment from Forestar. Southwest Austin continues to be one of the city's most attractive office market and we look forward to more interest as we get closer to delivering the buildings," said Tim Hendricks, (top left photo) senior vice president of Cousins.
"We are excited about the relocation of our corporate headquartersto Palisades West," said Jim DeCosmo, (top right photo) president and chief executive of
ficer of Forestar Real Estate Group. "This new facility has a great location and provides our company with space that will support our growth needs for the foreseeable future.
ficer of Forestar Real Estate Group. "This new facility has a great location and provides our company with space that will support our growth needs for the foreseeable future." As a 25% owner in the Palisades West project, we believe this site will provide significant value to other corporate office customers in the Austin market."
Forestar Real Estate Group
Inc. operates in three businesssegments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures about 372,000 acresof real estate located in 10 states and 13 markets in the U.S.
Inc. operates in three businesssegments: real estate, mineral resources and fiber resources. The real estate segment owns directly or through ventures about 372,000 acresof real estate located in 10 states and 13 markets in the U.S. The real estate segment has 23 real estate projects representing over 31,000 acres currently in the entitlement process, and 75 entitled, developed and under development projects in eight states and twelve markets encompassing almost 17,000 acres, comprised of about 29,000 residential lots and approximately 2,000 commercial acres.
The mineral resources segment manages about 622,000 net acres of oil and gas mineral interests. The fiber resources segment sells wood fiber fromits land primarily located in Georgia, and leases land for recreational uses. Forestar's address on the World Wide Web is http://www.forestargroup.com/
CONTACT:
Cousins Properties Incorporated Investment Community: Jim Fleming, Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com or
Media: Matt Gove, Senior Vice President, 404-407-1490, mattgove@cousinsproperties.com
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