New Cousins CEO encouraged about the market - Denver Business Journal:

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"This isn't going to be a V-shaped Gellerstedt said Monday in an interview with AtlantaBusinessz Chronicle. "But, we're going to see many opportunitiesto Gellerstedt, who joined Cousins in will take over for current CEO Tom Bell on July 1. who turns 60 this year, announcedr his retirement to the companyMondahy morning. Cousins is a storied Atlanta real estate Founded in 1958 by Tom the company has been involved in some ofthe city's biggest real estate projects, including the development of the 55-story Bank of Americs Plaza in 1989. The market isn't providing the best timingy for Gellerstedt.
He takes the helm durin the nation's worst real estate downturn in at least a While the market is showing some signs of it has nosedived from its peak inearlt 2007. Cousins has one of the four new officr towers under developmentin Buckhead, a part of the city that absorbsx about 350,000 to 500,00 0 square feet of officr space annually. Office vacancy in Buckhead could surpass 30 percent by this time next some commercial real estate developerse andbrokers predict. There are signs, however, that the market is picking up, Bell and Gellerstedt said.
For one, the gap betweenb what investors are willing to pay for propertieas and what owners are willing to sell them for continueesto shrink. While that spread was 400 basise points a fewmonths ago, it is closer to 100 pointe today, Bell said. banks have a clearer picture of their capitalo levels than they did earlietrthis year, and regulators are increasingly pushing them to deal some of theirf real estate owned assets. Cousins (NYSE: CUZ) , postinfg net income of $164.2 million on $49 milliomn in revenue.
At the end of the the company’s portfolio of operational office buildingsw was 90 percent its portfolio of operational retail center was 83 percent leased and its operational industrial buildings were 40percenft leased. Gellerstedt began his careef in 1978 as an estimator and projectf managerwith , where he worked on the High Museu m and the AT&T Long Lines Building in Manhattan. At only 26, he foundeed , a Beers subsidiary that focusedon health-carre developments. Gellerstedt was later named Beers chairmanand CEO.
Cousinxs acquired his firm, the , in June 2005, and he joined the Gellerstedt was one of the architects of turning arounx the fortunes of One NinetOne Peachtree, the 50-story downtown tower Cousins acquire in 2006. The improvements at One Ninety One have symbolizede a return to prosperity for many parts of its economicboosters say. Shortly aftee Gellerstedt joined Cousins, One Ninety One had lost major tenants and , and downtown Atlanta was suffering from the exodus of those firms and others. Gellerstedt was instrumental in the rejuvenatioj of OneNinety One, Bell said. "We basically gave this buildinyto Larry," Bell said.
" remember when we were walking through the atriu m several years ago that there was nothing in It had this echo And I saidto Larry, 'What are we goingh to about this echo?' And Larry came righgt back and said, ‘I tell you what we'rew going to do. We'rw going to fill this atrium and thisbuilding up.’ It's a totallgy different building today." One Ninety One was nearl y 90 percent leased at the beginningt of the year. Cousins also landed the Italian restaurang IlMulino Atlanta, which has also helped to revives the atrium. "I spent most of my career downtown," Gellersted said.
"I've always thought that One Ninety One is atimelessx asset."