Cousins Announces Amazon Lease At Its 100 Mill Development in Downtown Tempe

Rhea-AI Summary

Cousins Properties (CUZ) announced a lease with Amazon for approximately 95,000 square feet at its 100 Mill development in downtown Tempe, Arizona, as part of Amazon's Phoenix Tech Hub expansion. The total cost for the development is projected to be $153 million, with initial occupancy expected in Q1 2022. The project, consisting of an 18-story office tower, is currently 44% pre-leased, featuring long-term commitments from both Amazon and Deloitte. Cousins holds a 90% interest in this joint venture.

Positive

• Amazon leasing 95,000 square feet validates demand for office space at 100 Mill.
• Project expected to be 44% pre-leased before completion, reducing vacancy risk.
• Total development cost of $153 million indicates a significant investment in growth.

Negative

• None.

ATLANTA, Aug. 21, 2020 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that Amazon has leased approximately 95,000 square feet at its 100 Mill development project to accommodate their Phoenix Tech Hub expansion. 100 Mill is a 287,000 square foot, 18 story office tower located in downtown Tempe.  Total development costs are anticipated to be approximately $153 million and initial occupancy for the building is expected in the first quarter of 2022. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project.

Amazon also leases additional space at Hayden Ferry, Cousins' existing office property adjacent to the 100 Mill site, and will expand into 100 Mill as they continue to grow in the city. Amazon's lease at 100 Mill was executed before Cousins originally announced the commencement of development in February 2020. 100 Mill is currently 44% pre-leased with long-term lease commitments from Deloitte as well as Amazon.

"We are excited that Amazon has selected our office project at 100 Mill for their expansion plans in Phoenix," said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  "Their decision to continue investing in new space validates the long-term value proposition of modern and well-located office properties for both companies and employees."

About Cousins Properties

Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office towers located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com.

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm's current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. 

CONTACT:
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
rimbeaux@cousins.com

 

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SOURCE Cousins Properties