Bulk purchase of 120 residential units by Related/Lubert-Adler
partnership closed in late July
Cousins Properties Incorporated (NYSE: CUZ) announced today it and
partner The Related Group have closed on the sale of the remaining 120
residential units at 50 Biscayne, a 54-story, 528-unit luxury
condominium tower in Miami, Florida. The buyer is a partnership of The
Related Group and private equity firm Lubert-Adler Partners. The units
were sold for a total price of $30.3 million. The sales ends Cousins’
involvement in the tower’s residential units
but the Cousins/Related partnership continues to own seven commercial
condominium units in the building.
Since delivering 50 Biscayne, the Cousins/Related partnership has closed
the sale of 528 residential units and six commercial units. Cousins
share of the pre-tax profit on the project to date is estimated to be
approximately $18 million before minority interest.
“Quality product tends to succeed even in
difficult markets and 50 Biscayne is a prime example of that. The
building has weathered a turbulent South Florida condominium market and
produced better than expected results,” said
Tom Bell, chairman and CEO of Cousins. “We
thank Jorge Perez, Thomas Daly and the Related team for being a
top-flight partner.”
Jorge Perez, chairman and CEO of The Related Group said, “50
Biscayne is an award-winning product in our portfolio and significant
credit is due to our partnership with Cousins Properties. Their diverse
development expertise instills confidence that we can anticipate success
with future collaborations.”
Celebrating its 50th anniversary in 2008,
Cousins Properties Incorporated is a leading diversified real estate
company with extensive experience in development, acquisition,
financing, management and leasing. Based in Atlanta, the Company
actively invests in office, multi-family, retail, industrial and land
development projects. Since its founding, Cousins has developed 20
million square feet of office space, 20 million square feet of retail
space, more than 4,000 multi-family units and more than 60 single-family
neighborhoods. The Company is a fully integrated equity real estate
investment trust (REIT) and trades on the New York Stock Exchange under
the symbol CUZ.
