COUSINS PROPERTIES LEASES 95,000 SQUARE FEET AT ITS 100 MILL OFFICE DEVELOPMENT IN TEMPE ARIZONA

Rhea-AI Summary

Cousins Properties (NYSE: CUZ) announced two leases totaling 95,000 square feet at its 100 Mill office development in Downtown Tempe, achieving 80% pre-leased status before its 2022 delivery. Amazon expanded its lease by 63,000 square feet for its Phoenix Tech Hub, increasing its footprint to 158,000 square feet and creating 550 new jobs. LiveRamp signed a new 32,000 square foot lease for its entry into the Phoenix market, with plans for 100 new hires. The strong leasing activity reflects the appeal of Phoenix for growing technology companies.

Positive

• Leased total of 95,000 square feet, achieving 80% pre-leased status.
• Amazon's expansion adds 63,000 square feet, totaling 158,000 square feet.
• Creation of 550 new jobs by Amazon.
• LiveRamp's 32,000 square foot lease will create 100 new jobs.
• Strong leasing pipeline for remaining space.

Negative

• None

ATLANTA, Dec. 21, 2021 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) announced today that it has signed two leases for a total of 95,000 square feet at its 100 Mill office development in Downtown Tempe.  This brings the development to 80% pre-leased ahead of its delivery in the first half of 2022. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project.

Amazon has signed a 63,000 square foot expansion lease, bringing its total square footage at 100 Mill to 158,000 square feet, as the company grows its Phoenix Tech Hub.  Amazon currently has more than 5,000 employees in the Phoenix area and plans to create 550 more jobs with this investment.  Amazon plans to occupy the initial 95,000 square feet in the first half of 2022 and the 63,000 square feet of expansion space in the second half of 2022.  

LiveRamp, a growing technology firm based in San Francisco, has signed a new 32,000 square foot lease to accomodate a new hub and mark its entry into the Phoenix market.  The company will position several executive leaders in the office and plans to hire 100 employees.

"We continue to see rapidly growing technology companies from the West Coast select Phoenix as a market for expansion based on its abundance of talent, attractive environment and easy accessibility," said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  "Our leasing pipeline for the remaining space at 100 Mill is very strong as companies continue to focus on building their culture in high-quality office space that inspires employees and encourages collaboration."

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 buildings 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, development and management firm, founded in 1957, with a presence in 255 cities in 27 countries and $83.6 billion of investment assets under management and more than 138.3 million square feet of assets for which Hines provides third-party property-level services.  Hines has 171 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,486 properties, totaling over 492 million square feet. The firm's current property and asset management portfolio includes 634 properties, representing over 243 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, 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

FAQ

What recent leases has Cousins Properties signed at 100 Mill?

Cousins Properties signed two leases totaling 95,000 square feet, achieving 80% pre-leased status.

What companies are expanding at Cousins Properties' 100 Mill development?

Amazon is expanding its lease by 63,000 square feet, and LiveRamp signed a 32,000 square foot lease.

How many jobs will Amazon create with its expansion at 100 Mill?

Amazon plans to create 550 new jobs with its expansion.

How is the leasing activity at 100 Mill relevant to Cousins Properties' investors?

The strong leasing activity reflects the appeal of the development and potential for continued revenue generation.

What percentage of the 100 Mill development is pre-leased?

The 100 Mill development is currently 80% pre-leased.