Hines and Cousins to Develop 10000 Avalon in Atlanta
Wednesday, July 11th, 2018
Hines, the international real estate firm, and Cousins Properties, the Atlanta-based REIT, announced that they have formed a joint venture to develop 10000 Avalon, a 251,000 square foot Class A office building in Atlanta. Cousins has a 90% ownership interest and Hines has a 10% ownership interest in the joint venture. The joint venture has secured AXIS Reinsurance Co., a subsidiary of AXIS Capital Holdings Limited, as an anchor tenant with a 15-year, 76,000 square foot lease.
10000 Avalon will be the second and final office building in Avalon, a leading mixed-use development in North Atlanta. The new building will be adjacent to Hines and Cousins' successful 8000 Avalon office development that was delivered in June 2017 and is currently 98% leased. Construction on 10000 Avalon will commence this month and initial occupancy is expected in early 2020. Total development cost is anticipated to be approximately $97 million.
"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. "AXIS is a great organization – a leading global player in specialty (re)insurance and an active and committed corporate citizen within the local community."
"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. "We are excited that AXIS has recognized Avalon as a compelling office location and are encouraged by the level of activity we are seeing from additional potential customers eager to join this vibrant mixed-use project."
AXIS was represented in the lease negotiations by Sam Holmes of CBRE.