Mazursky Constantine Moves to Midtown with 999 Peachtree Lease

Atlanta-based Law Firm Joins Growing Ranks of Firms Leaving Buckhead

ATLANTA, GA – Jamestown, an Atlanta-based real estate investment and management company, has signed Atlanta-based Mazursky Constantine LLC to an 11-year, 24,000 square foot lease at 999 Peachtree. (top right photo)

The law firm, along with its consulting affiliate, VCG Consultants LLC, will occupy the entire 15th floor and a portion of the 12th.

Mazursky Constantine, with 15 attorneys, will move from Buckhead’s Monarch Tower, (bottom left photo) adding momentum to the trend of professional service firms relocating to Midtown from Buckhead. The firm will move to 999 Peachtree in June.

"We scoured Midtown in our search for new office space, and 999 Peachtree has the best location of any of the buildings we looked at," said Don Mazursky, (top left photo) Founding Partner of Mazursky Constantine.

"We have employees from Alpharetta to Avondale Estates, so the central location, access to MARTA and the proximity to restaurants and shops along and around Peachtree Street made 999 Peachtree the clear choice." Mazursky added, "With the assistance of Fred Sheats, the best broker in the city, we selected the best building in the city."

Jamestown purchased 999 Peachtree in 2007 and plans to expand the retail portion of the property, which is prominently located along the Midtown Mile.

"Mazursky is an important addition for us at 999 Peachtree," said Matt Bronfman, (middle right photo) Chief Operations Officer and Managing Director at Jamestown. "Signing a firm with such a great reputation is an affirmation of the hard work we have done at 999 Peachtree and of our long term vision for that property."

999 Peachtree is located at the intersection of 10th and Peachtree streets, one block from the Midtown MARTA Station and in the heart of the Midtown Mile. Jamestown and other property owners are coordinating their efforts to merge new and existing retail into an authentic, cosmopolitan shopping district called the "Midtown Mile."

The location of 999 Peachtree provides quick access to dense retail stretching from 6th Street to 10th Street. Piedmont Park is a short walk away, and the building offers direct access to I75/85.
The 28-story office tower totals 625,000-square-feet and is home to the Peachtree Club, Midtown’s only private dining club.

Jamestown has begun to redesign portions of 999 Peachtree, including an expansion of the lobby level retail to provide a more distinct sidewalk presence and larger storefronts for retailers. Building amenities now include a branch bank, café and coffee shop

Contact: Bryan Long, Jackson Spalding, (404) 724-2501; blong@jacksonspalding.com

CB Richard Ellis Represents Michaels Stores Inc. in 270,000-SF Lease in Jacksonville, FL

JACKSONVILLE, FL--CB Richard Ellis, the world's leading commercial real estate services provider, is pleased to have represented Michaels Stores, Inc. in the lease transaction of 270,000 square feet at 4300 Bulls Bay Highway inside the Westside Industrial Park (middle left photo) in Jacksonville, Florida .


The team of Terry Quarterman, First Vice President, and Jeff Nelson, (top left photo) Senior Associate, of CB Richard Ellis in Jacksonville represented Michaels Stores, Inc. in the transaction.

For over 20 years, the family of Michaels Stores, Inc., the nation's largest specialty retailer of arts and crafts materials, has been helping crafters of all ages express themselves with skill and originality. Michaels is scheduled to occupy the building this summer and will be using the space for their seasonal goods distribution center.

Built in 1991, 4300 Bulls Bay Highway is a Class "B", single-tenant industrial warehouse building owned by Stone Mountain Industrial Park, Inc.

Michaels Stores, Inc., based in Irving, Texas, is the world's largest specialty retailer of arts, crafts, framing, floral, wall décor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator.

The company currently owns and operates over 1000 Michaels stores in 49 states and Canada and 161 Aaron Brothers stores.

Contacts:
Terry Quarternam, 904.630.6342, terry.quarterman@cbre.com

Jeffrey Nelson, 904.630.6359, jeffrey.nelson@cbre.com

CB RICHARD ELLIS ORLANDO BROKERS RECEIVE THREE NAIOP AWARDS

The Orlando office of CB Richard Ellis received three awards at the Central Florida NAIOP 2008 Awards dinner.

David Murphy, (middle left photo) Senior Vice President, won Industrial Broker of the Year for the sixth consecutive year and seventh time in ten years.

Ron Rogg, (middle right photo) Executive Vice President, won Investment Property Broker of the Year for the fourth consecutive year.

Chris Sproles,(bottom left photo) First Vice President, won the Unique Deal of the Year award for his representation of GAI Consultants in the relocation of their Florida corporate headquarters to a seven-story building that is currently under construction east of downtown Orlando.

Chris also finished second in the Office Broker of the Year category.

Bill Moss, (bottom right photo) Senior Managing Director, acknowledged, "We are pleased that three CB Richard Ellis Orlando Sales Professionals, David, Ron and Chris, have been recognized for these prestigious NAIOP awards. Their achievements validate our commitment to creating great client experiences."

Contact: Angelique Greven, 407.839.3158, angelique.greven@cbre.com

Four Points by Sheraton Kuching Opens Doors to Travelers

Brand’s First Hotel in Malaysia is Convenient to City Center and Leading Attractions

KUCHING, MALAYSIA, Mar. 4, 2009 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced the opening of Four Points by Sheraton Kuching, the first new international hotel to open in Kuching, Malaysia in almost two decades.

Owned by Global Ulpine Sdn. Bhd., the newly constructed hotel is also the brand’s first open in South East Asia.

Four Points by Sheraton Kuching offers 421 spacious rooms, comfortable beds, and a lively, social atmosphere.

Located just minutes from Kuching International Airport, Four Points by Sheraton Kuching is adjacent to the Gyratory roundabout, 15 minutes south of the city center.

Guests can explore the local area on foot or take a short taxi ride to discover the city’s diverse selection of shops, restaurants, temples and bazaars.

Nearby attractions include Sarawak Cultural Village, Damai Beach and the orangutans of Borneo at the Semenggoh Wildlife Centre.

“Four Points by Sheraton is delighted to welcome guests to Kuching, one of Malaysia’s most colorful and dynamic cities,” said Sandy Swider, Vice President, Four Points by Sheraton.

“Four Points by Sheraton gives guests just what they need – comfortable rooms, an inviting social atmosphere and extras to help them feel fulfilled at the end of the day.”

“We’re extremely excited to introduce the Four Points by Sheraton brand to Malaysia,” said Mal McArdle, General Manager of Four Points by Sheraton Kuching. “We offer guests approachable and straightforward hospitality – a style that will work really well for the Kuching market."

Developed and owned by Global Upline Sdn. Bhd., Four Points by Sheraton Kuching combines modern architectural design with practical use of space. The hotel is opening just 11 months following the start of construction.

“The simple functionality of our design allows us to introduce the Four Points’ honest, uncomplicated hospitality to a market that’s hungry for a new international hospitality brand,” said Bobby Ting, Assistant Managing Director of Global Upline. “This property is testament to our ability to deliver turnkey projects to the market in an accelerated timeframe.”

Contact:

Hwee-Peng Yeo
Director, Corporate Communications
Starwood Asia Pacific Hotels & Resorts Ltd
9 Temasek Boulevard, Suntec City Tower 2
#24-02, Singapore 038989

Tel : +65 6335 4837; Cell : +65 9768 6087; +65 9248 0424 Fax : +65 6335 4820
http://www.starwoodhotels.com/; http://www.starwoodpressclub.com/

Marcus & Millichap Sells 6,788-SF Seniors Housing Building for $439,000

PANAMA CITY, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 34-bed assisted living care building located in Panama City, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $439,000 for the real estate. The business was sold in a separate stock transaction.

Krone Weidler, (top right photo) a Senior Associate and Seniors Housing Investment Specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

The buyer, a limited liability company, was also secured and represented by Weidler.

Robinson Residential Care (bottom left photo) is located at 11921 Caruso Drive in Panama City.

This assisted living facility is licensed as a limited mental health community and typically runs 95 percent occupancy as reported by the sellers, according to Ms. Weidler. Robinson Residential Care was built in 1981.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

U.S. Financial Recovery Program Needs New Category to Reclassify Loans to Save Banks and Cut Costs, Says Banker Geof Longstaff

ALTAMONTE SPRINGS, FL, Mar. 3, 2009-- Geof Longstaff (top right photo) has a good idea---a way to help rehabilitate America's banks without spending billions of additional tax dollars in bailouts.

Longstaff, chairman at Mercantile Commercial Capital, LLC, the Altamonte Springs firm that ranks as one of the nation's leading providers of U.S.Small Business Administration (SBA) 504 loans for small business owners who want to develop or acquire their own facilities, said a small regulatory change could eliminate many of the problems that banks currently face withtheir loan portfolios.

"We need a new category to classify loans that are currently viewed as substandard but whose borrowers are still making payments," Longstaff said.

The problem now, put simply, is this: among other criteria, banking regulators gauge a loan's merit against the value of the collateral pledged to secure the loan. If the collateral---an office building or retail center---declines in value, the loan can be considered "substandard" and subject to reserves.

"Regulators see banks that loaned $1 million against $1.5 million in collateral as sound," Longstaff, who has more than 37 years of experience as a banking executive, explained.

"But if the asset value drops to $900,000, regulators call that a non-performing asset---NPA--- or substandard loan, and tell banks they can either post reserves to cover the collateral deficiency or demand additional money from the borrower," hes aid.

"We do this at a time when borrowers need to preserve liquidity to handle volatility in their business. Making these cash demands can cause businesses to fail and thus promotes job losses," Longstaff said.

Assets have been dropping in value all over the country, Longstaff said, and NPAs are a major challenge to the nation's economic recovery.

"If the bank takes the additional reserve, that increases the need for capital and subjects the bank to further capital impairment," Longstaff said.

But many borrowers have continued to make payments on loans even thought heir assets have been devalued.

"They are confident the real estate market will come back and they know their asset value will improve,"Longstaff said.

"They are employing the sort of long term investment strategy our economy has been built on," he said.

The solution, Longstaff said, is to create a new category for NPAs that are actually performing---whose borrowers are making their payments on time.

"We need a new category called a "performing under-margined loan" to describe a loan that is performing, but whose collateral assets have suffered a short-term devaluation as a result of the national economy," Longstaff explained.

Such classification would reduce demands on the bank's reserves without adding to the cost of recovery, Longstaff said.

"Bank regulators shouldn't require increased reserves against these loans when the borrower shows the ability to make the payments," he emphasized.

For more information, contact:

Geof Longstaff, Chairman, Mercantile Commercial Capital LLC, 407-786-5040

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

Davidson Hotel Company Increases Executive Bench Strength by Four

Group Has More Than 80 Years Hospitality Experience, 35 Years at Davidson

MEMPHIS, TN—Officials of Davidson Hotel Company (DHC), one of the nation’s largest hotel management companies, has promoted four associates to the executive level:

Mary Jean Campochiaro, (top right photo) vice president of hotel accounting; Lew Lemon, (top left photo) regional vice president of operations; Stephen Kilroy, (middle right photo) vice president of food and beverage; and Ron Hardin, (bottom right photo) vice president of technology.

Together, they have a total of more than 80 years of hospitality experience, 35 of them with Davidson.

“Each of these individuals brings a unique and creative skillset to our management team,” said Patrick Lupsha, (bottom left photo) Davidson’s chief operating officer.

“Their years in the hospitality industry through all phases of the economic cycle make them a vital source of knowledge and leadership to draw upon. We are looking to them to create experience-based strategies that will drive our properties during these difficult times and help grow profit and market share.”

As vice president of hotel accounting, Mary Jean Campochiaro will oversee all aspects of hotel accounting, culminating in the preparation of periodic financial statements, and is responsible for accounting for Davidson’s various hotel acquisitions and dispositions.

Campochiaro was an assistant controller with Wilson Hotel Management Company prior to joining Davidson. She has a Bachelor of Business Administration Degree in Accounting from Memphis State University.

In his new role as regional vice president of operations, Lew Lemon will be responsible for Davidson’s hotel properties in the greater Washington, D.C. area. Previously, he was general manager of the Westin Annapolis in Maryland. Lemon graduated from West Virginia University with a BS in Business Administration.

Stephen Kilroy, vice president of food and beverage, will direct Davidson’s food and beverage programs, profitability, and customer dining experience.

Prior to joining Davidson, Kilroy held several positions at Wyndham Hotels, including corporate director of food and beverage. He earned a Culinary Arts and Food Service Management degree from Johnson & Wales University in Providence, R.I.

As vice president of technology, Ron Hardin’s responsibilities will include company-wide management of acquiring, implementing, and supporting technology systems and solutions.

Hardin’s career includes stints with ITT-Sheraton, Micros Systems, Inc. and Planet Hollywood International, Inc.. He holds a BS degree in Hotel Administration from Cornell University, and the Certified Hospitality Technology Professionals (CHTP) certification from Hospitality Financial and Technology Professional.

About Davidson Hotel Company

Headquartered in Memphis, Tenn., Davidson Hotel Company is an award-winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry.

The company currently owns and/or manages 36 upscale, independent and branded hotels with nearly 10,200 rooms across the United States, including such affiliations as Westin, Sheraton, Hyatt, Hilton, Hilton Garden Inn, Embassy Suites, Doubletree, Marriott, Renaissance, Crowne Plaza and Holiday Inn.

Additional information on Davidson may be found at the company’s Web site, http://www.davidsonhotels.com/.

Contact: Chris Daly, Vice President, Daly Gray Public Relations,
ph: 703-435-6293. chris@dalygray.com

Hampton by Hilton Opens Its First Hotel in Europe

BEVERLY HILLS, CA –Hampton® Hotels, the international brand of hotels and part of the Hilton Family of Hotels, is proud to announce the official opening of its first ever European hotel property.

The 88-room Hampton by Hilton Corby/Kettering, located at Rockingham Leisure Park in Corby, Northamptonshire is the first Hampton by Hilton to open its doors to guests in the United Kingdom.

The new Hampton by Hilton™ hotel is franchised, owned and operated by the management company Hotel Solutions London Limited (H.S.L).

“With our opening of the first Hampton By Hilton in Europe, H.S.L. is joining the Hilton family and in conjunction with Mr.Ramesh Dewan (middle left photo) has made a commitment of owning & operating 20 new Hampton by Hilton’s over the next few years," said Pearl Pailihawadana, Operational Director.

Providing fresh and clean, stylish, comfortable rooms and outstanding guest service is a top priority for Hampton by Hilton and are some of the reasons why the brand should be highly competitive in the UK market.

“Hampton by Hilton Hotels combines quality, exceptional guest service, comfort and plenty of extras, making Hampton by Hilton the hot new brand of choice in the marketplace today,” said Richard Lee, Hampton by Hilton Corby general manager.

“Hampton by Hilton dramatically enhances the guest experience, with products and services ranging from free On the House® hot breakfast, the exclusive Purity Basics® bath products and free high-speed Internet access all backed by Hampton’s 100% Satisfaction Guarantee."

Hampton by Hilton™ combines the strength of the Hilton name with the power of the Hampton brand. This is a new kind of economy hotel that is designed to appeal to business and leisure travellers alike, offering best in class service and comfort.

Contact: Chris Daly, Vice President, Daly Gray Public Relations, ph: 703-435-6293, chris@dalygray.com

Grubb & Ellis Represents Kenco Logistic Services in 517,000 SF Industrial Lease in Redlands, CA

Industrial Lease is Inland Empire’s Largest This Year

ONTARIO, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented Kenco Logistic Services, a Tennessee-based, privately held third party logistics provider, in the lease of a 517,000-square-foot industrial building in Redlands.

The consideration of the five-year lease was not disclosed. It is the largest industrial lease signed in the Inland Empire thus far in 2009.

Kenco Logistic Services is slated to occupy the recently completed building in March.

The facility is located at 26875 Pioneer Ave., within Watson Commerce Center Redlands (top right photo). The LEED-certified property, developed by Watson Land, is a new location for Kenco.

Ron Washle and Mark Kegans, both senior vice presidents in Grubb & Ellis’ Ontario office, represented the lessee in the transaction. Thomas Taylor and Steven Bellitti of Colliers International represented the lessor.

South Coast Home Furnishing Centre in Costa Mesa, CA Sold for $35M

In Newport Beach, CA, Newport Beach-based Burnham USA Equities Inc. and affiliate Burnham-Ward Properties have purchased out of receivership South Coast Home Furnishings Centre (middle left photo) in Costa Mesa for approximately $35 million.

The 300,000-square-foot retail center is located at 3333 Hyland Road along the San Diego Freeway.

Existing major tenants include La-Z-Boy, Linder’s, C.S. Wo, Easy Life, Munro’s, Creative Leather and NW Rugs.

The center, which was owned by South Coast Home Furnishing Center LLC prior to the receivership, was offered for sale through a court-appointed receiver.

Dixie Walker, (middle left photo) senior vice president with Grubb & Ellis’ Newport Beach office, represented the receiver in the transaction. It is one of the first major retail transactions in Southern California to trade in the distressed asset category.

“This property traded for $100 million in August 2007,” said Walker. “It illustrates how hard the retailers, particularly retailers so directly tied to the residential real estate industry, have been hit by the economic downturn. The center originally had 32 tenants, only 16 remained at closing.”
The buyer plans to convert some of the vacant retail space to office use and home furnishings-related tenants such as interior designers, Walker said.

Grubb & Ellis Company Represents V&A Engineering in Lease of 8,391 SF of Office Space in Oakland, CA for Corporate HQ

In Oakland, CA, Grubb & Ellis Co. represented V&A Engineering in the lease of 8,391 square feet of office space in Oakland for its corporate headquarters. Terms of the 10-year lease were not disclosed.

V&A Engineering is slated to occupy its new space at 155 Grand Ave. (bottom right photo) in June. The engineering firm, which is relocating from 1999 Harrison St. in Oakland, will double in size with the move.

The independent consulting engineering firm specializes in corrosion engineering, coatings system management and condition assessment services, serving clients in the water, wastewater and transit industries.

Christopher Johnke, vice president, and Cale Miller, associate, of Grubb & Ellis’ San Francisco office represented the lessee in the transaction. In-house leasing agent Mike Keely represented the lessor, Brandywine Realty Trust.

Contacts:

Sharon Abar, 714.975.2185, sharon.abar@grubb-ellis.com

Damon Elder, 714.975.2659, damon.elder@grubb-ellis.com

Einstein Bagels Rolling in Dough

LAKEWOOD, CO, Mar. 3, 2009—Talk about a recession-proof business. Bagels. Specifically, bagels made by divisions of Einstein Noah Restaurant Group.

The Colorado-based company today reported 12-month gross profit of $81.8 million versus $80.9 million in 2007.

Einstein’s other balance-sheet numbers are also impressive.

Total revenue grew 2.6 percent to $413.5 million from $402.5 million last year.

System-wide comparable store sales increased 1.4 percent. Einstein has 600 restaurants in 36 states.

Net income was $21.1 million versus $12.6 million in 2007. Earnings per share totaled $1.29 compared to 88 cents last year.

Cash on hand amounted to $24 million on Jan. 1, 2008 versus $9 million on Dec. 31, 2008.

Einstein’s assets totaled $173 million versus $149 million last year. And the company reduced its debt load to $25 million from $92 million a year ago.

Jeff O’Neill, (middle left photo) CEO and president of Einstein Noah, says his company’s 2008 performance is “a testament to the strength of our loyal customer base.

“In the face of unprecedented economic challenges, we’ve been able to preserve our comparable store sales, continue to build efficiencies in our manufacturing and commissary operations, and lower our G&A (general and administrative) costs significantly.

“Most importantly, in 2008 we generated free cash flow totaling $16.4 million, which further strengthens our liquidity position.”

For 2009, Einstein plans to open six to eight company-owned, six-to-eight franchised and 30 to 35 licensed stores, as well as upgrading 45 company-owned stores.

The company also should have no worries this year about obtaining supplies for its product.

“We have locked in over 90 percent of all major agricultural commodities at virtually flat prices compared to 2008, with an option to benefit from further reductions in pricing,” says O’Neill.

He says the company’s “key objectives (in 2009) are to accelerate our marketing and merchandising efforts, continue to build on our strong and growing base of franchise and license partners, and prudently manage our controllable costs.”

O’Neill adds, “We are pleased with our unique strength and positioning in the Fast Casual Breakfast day part (of the restaurant industry) and are confident that we can take additional market share from our competitors through our emphasis on exciting new products and value-oriented promotions.”

Rick Dutkiewicz, (bottom right photo) chief financial office of Einstein Noah, says the company has “over $24 million of unrestricted cash and remains in full compliance with out debt agreements.”

He says Einstein’s “growth strategy and brand-building efforts place greater emphasis on high-margin, capital efficient development.” The company’s goal is to have about 50 percent of all locations operated by franchise and license partners by 2012.

Arbor Closes 2 Fannie Mae DUS® Loans Totaling $6M

Bluebonnet Springs Townhomes in Arlington, TX Receives $3.4M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,400,000 loan under the Fannie Mae DUS® product line to refinance the 138-unit property known as Bluebonnet Springs Townhomes in Arlington, TX.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.

The loans were originated by Stephen York, (top right photo) Director, in Arbor’s full-service Uniondale, NY lending office.

“The Sponsor completed significant capital improvements over the course of two years and increased the occupancy to a stabilized level,” said York. “Once the property was ready for permanent financing, Arbor was pleased to deliver competitive terms, which included sizeable cash-out.”

Franklin Street Apartments in Worcester, MA Obtains $2.6M

Uniondale, NY (March 3, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,685,900 loan under the Fannie Mae DUS® Small Loan product line to refinance the 55-unit complex known as Franklin Street in Worcester MA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.15 percent.

The loan was originated by John Kelly, (bottom left photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“This was an excellent fit for our small balance lending program,” said Kelly. “We were able to provide nonrecourse financing at what continues to be historically low interest rates for our client.”

Contact: Ingrid Principe, P: 516.506.4298. F: 516.542.2555. http://www.arbor.com/

Endeavor completes 92,000-SF lease with GSA and retains HFF to market Austin office property for sale

DALLAS, TX, Mar. 2, 2009 – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has been retained to market for sale the GSA-leased Southpark Office Center (middle right photo) in Austin, Texas.

Endeavor Real Estate Group completed a 10-year, 92,000-square-foot lease to the GSA on behalf of the Internal Revenue Service in late 2008.

HFF’s Dallas investment sales team is marketing Southpark Office Center without a formal asking price free and clear of debt.

Southpark Office Center is located on Interstate 35 just south of its intersection with Ben White Blvd (Hwy 71) and just west of Austin Bergstrom International Airport. The 122,000-square-foot property was completely redeveloped by Endeavor in 2008. The GSA lease encompasses 75% of the property with the remaining space being available for lease
.
“The IRS lease represents one of the largest leases executed in Austin in the past year and further establishes the Southpark area as a regional hub for the IRS, which now occupies approximately one million square feet in the immediate area, and during its peak season supports 2,700 employees,” said Jamil Alam (top left photo) of Endeavor Real Estate Group.

“The decision to sell the asset at this time is in keeping with our original strategy, which entailed re-developing the property and then leasing it to an investment-grade credit tenant.

"The group that ultimately acquires the Southpark will benefit from stable cash flow from the GSA lease as well as the upside associated with the attractive remaining vacancy in the property.”

Endeavor Real Estate Group owns, manages and leases four million square feet of office and industrial space in Central Texas plus more than three million square feet of retail space, with more under construction.

Contacts:

Jamil Alam, Principal, Endeavor Real Estate Group, (512) 682-5575, JAlam@ENDEAVOR-RE.com
Andrew S. Levy, HFF Senior Managing Director, (214) 265-0880. alevy@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Cousins Announces Resignation of Dan DuPree

ATLANTA, GA, Mar. 2, 2009 -- Cousins Properties Incorporated (NYSE: CUZ) announced today that Dan DuPree (top right photo) has resigned from his post as Vice Chairman of the Company.

DuPree has accepted another position in the real estate industry which will be announced shortly. The resignation will be effective beginning March 15.

Contact:

Cameron Golden, Director of Investor Relations/Corporate Communications, 404-407-1984, camerongolden@cousinsproperties.com

NPD Predicts a Tough Year for the Restaurant Industry in 2009 as Consumers Continue to Tighten Purse Strings

A new NPD report looks at how restaurants survived in 2008 and how they will need to adapt in 2009


(Top right photo by Luis Sinco, Los Angeles Times)

CHICAGO, IL, Mar. 2, 2009--(BUSINESS WIRE)--Rising unemployment, eroding consumer confidence, market volatility, and other economic concerns will take a toll on the restaurant industry in 2009, according to a new report from The NPD Group, a leading market research company.

Total restaurant industry traffic was down one percent at the end of 2008, and NPD forecasts in its new report that 2009 will be an even tougher year for restaurants.

The new report, entitled, Challenging Times…Driving Sales in 2009, takes a deep dive into what happened to the restaurant industry last year, what worked and what didn’t; and how the lessons learned from last year and previous industry downturns can help improve sales in 2009.

In addition, the report provides a sales and traffic forecast for 2009 by industry segment, and offers considerations for restaurant operators on how to survive and adapt to the challenges of 2009.

“Our industry began 2008 battling rising prices, especially for food and fuel, and slowing customer traffic counts, which resulted in extreme pressure on margins throughout the foodservice industry,” says Bonnie Riggs, restaurant industry analyst and author of the report. “By the end of the summer, the economy had taken a sharp turn for the worse as housing and financial markets sunk deeper into turmoil.”

According to NPD CREST® data, the restaurant industry started 2008 on a positive note from a traffic standpoint; however, visits to restaurants began to slow mid-year, and turned negative in three of the last four months of the year. Total restaurant industry traffic was flat for the year.

Riggs points out in the report that when consumers did visit a restaurant in 2008, they kept a tight hold on their purse strings. Trading down from full service restaurants to quick service restaurants, ordering more often from the dollar/value menu, ordering lower price menu items, and not taking kids out for a meal were among the ways in which consumers managed their restaurant checks last year.

“Now we face a much tougher marketplace, much greater uncertainty, and a very tight hold on our pocketbooks,” says Riggs. “Restaurant customers are being bombarded with great offers; they can carefully choose how and where to spend their food dollars. Much of the challenge for operators this year will be having a good understanding of what their customers want.”

For more information, contact us or visit http://www.npd.com/

CONTACT:
The NPD Group, Inc., Kim McLynn, 847-692-1781, Senior Public Relations Manager.