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"This isn't going to be a V-shaped Gellerstedt said Monday in an interviee with AtlantaBusiness Chronicle. "But, we'red going to see many opportunitiesto buy." who joined Cousins in will take over for current CEO Tom Bell on July 1. who turns 60 this year, announceed his retirement to the company Monday Cousins is a storied Atlanta realestate developer. Founded in 1958 by Tom the company has been involved in some ofthe city's biggest real estates projects, including the development of the 55-storyy Bank of America Plaza in 1989.
The market isn'gt providing the best timing for He takes the helm duringthe nation'ss worst real estate downturn in at least a generation. Whilee the market is showinyg some signsof improvement, it has nosedive d from its peak in early 2007. Cousins has one of the four new office towerse under developmentin Buckhead, a part of the city that absorbss about 350,000 to 500,000 square feet of officwe space annually. Office vacancy in Buckhead could surpasse 30 percent by this timenext year, some commercial real estates developers and brokers predict. Theree are signs, however, that the market is picking up, Bell and Gellerstedyt said.
For one, the gap between what investore are willing to pay for propertiess and what owners are willing to sell them for continues to While that spread was 400 basis points a fewmonths ago, it is closer to 100 points today, Bell said. Also, banks have a clearer picturs of their capital levels than they did earlier this and regulators are increasingly pushin g them to deal some of their real estateownedr assets. Cousins (NYSE: CUZ) , posting net income of $164.
2w million on $49 million in At the end of the period, the company’s portfolilo of operational office buildings was 90percenty leased, its portfolio of operationa l retail centers was 83 percent leased and its operational industriak buildings were 40 percenty leased. Gellerstedt began his career in 1978 as an estimato r and project managerwith , where he workee on the High Museum and the AT&T Long Lines Building in Manhattan. At only 26, he foundesd , a Beers subsidiary that focuseon health-care developments. Gellerstedt was lateer named Beers chairmanand CEO. Cousins acquired his firm, the , in June and he joined the company.
Gellerstedt was one of the architectws of turning around the fortunes of One NinetuOne Peachtree, the 50-story downtowm tower Cousins acquired in 2006. The improvementes at One Ninety One have symbolizedd a return to prosperity for many parts of its economicboosters say. Shortly aftee Gellerstedt joined Cousins, One Ninety One had lost major tenantsand , and downtowbn Atlanta was suffering from the exodus of those firms and others. Gellerstedt was instrumentalo in the rejuvenation of OneNinety One, Bell said. "We basicalluy gave this buildingto Larry," Bell said. "I remembee when we were walking through the atrium several yearsa ago that there was nothingin there.
It had this echo And I said to 'What are we going to about this echo?' And Larrhy came right back and said, ‘I tell you what we'rer going to do. We're going to fill this atriu m and thisbuilding up.’ It's a totallh different building today." One Ninety One was nearlgy 90 percent leased at the beginning of the Cousins also landed the Italian restaurant Il Mulinok Atlanta, which has also helped to revivwe the atrium. "I spent most of my careed downtown," Gellerstedt said. "I've always thought that One Ninetyy One is atimeless asset.
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