Hines and Cousins Partner to Develop 10000 Avalon Office Building in Atlanta
Hines and Cousins Properties, the Atlanta-based real estate investment trust (REIT), have formed a joint venture to develop 10000 Avalon, a 251,000-square-foot Class A office building located in Avalon, Alpharetta, in North Atlanta. The project’s total development cost is expected to be approximately $97 million.
Under the joint venture, Cousins Properties will hold a 90 percent ownership interest and Hines will hold a 10 percent interest. The building will be the second and final office structure in the Avalon mixed-use development.
AXIS Reinsurance Company has signed a 15-year lease for 76,000 square feet, becoming the anchor tenant for the new office building. AXIS was represented in the leasing transaction by Sam Holmes of CBRE.
“We are thrilled that AXIS has chosen to anchor our second office development with Cousins at Avalon,” said John Heagy, Senior Managing Director of Hines.
“Cousins is looking forward to building on the success of our first Avalon office development with Hines as our partner,” said Larry Gellerstedt, Chairman and Chief Executive Officer of Cousins Properties. “We are excited that AXIS has recognized Avalon as a compelling office location and are encouraged by the level of interest we are seeing from other prospective tenants eager to be part of this vibrant mixed-use destination.”
About the Developers
Hines, founded in 1957 by Gerald D. Hines, is a global real estate firm active in 201 cities across 24 countries. Historically, Hines has developed, redeveloped, or acquired 1,295 properties, totaling more than 422 million square feet. Today, the firm’s property and asset management portfolio includes 506 properties representing over 210 million square feet.
Cousins Properties is an Atlanta-based REIT with extensive experience in developing institutional-quality office and mixed-use projects across major U.S. markets.
10000 Avalon represents a significant addition to the Avalon development, reinforcing its position as a premier mixed-use center in North Atlanta with high-quality office space, retail, dining, and residential components that attract corporate tenants and local activity.
July 11, 2018 Realty News Report