ATLANTA, Feb. 5, 2020 /PRNewswire/ -- Cousins Properties (NYSE: CUZ) and Hines announced today that they have commenced development of 100 Mill, a 287,000 square foot, 18 story office tower in downtown Tempe, Arizona. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture developing the project.
Located on the southwest corner of Mill Avenue and Rio Salado Parkway and adjacent to Cousins' existing 1.3 million square foot Tempe office portfolio, 100 Mill is now 44% pre-leased, with two long-term lease commitments from a Fortune 100 company and a professional services firm.
"We are excited to partner with Hines and to break ground on this Class A trophy office building in the heart of downtown Tempe, where Class A vacancy is in the low single digits," said Colin Connolly, President and Chief Executive Officer of Cousins Properties."100 Mill will offer our growing customers immediate access to the light rail, the vast amenities along Mill Avenue, and to leading talent at Arizona State University."
Initial occupancy is expected in the first quarter of 2022. Total development cost is anticipated to be approximately $153 million.
"We are thrilled to partner with Cousins on this new development in downtown Tempe," said Brandon Dillingham, Managing Director of Hines. "Our pre-leasing activity is affirmation of the strong office demand in the Tempe submarket. We look forward to developing this premier office space in this vibrant city."
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.
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.
Vice President, Finance and Investor Relations
SOURCE Cousins Properties