ATLANTA- (Realty News Report) – Hines and Cousins Properties, an Atlanta-based REIT, have formed a joint venture to develop 10000 Avalon, a 251,000-SF Class A office building in Atlanta. Total development cost is anticipated to be $97 million.
Cousins will have a 90 percent ownership interest and Hines will have a 10 percent ownership interest in the joint venture.
AXIS Reinsurance Co. signed a 15-year, 76,000-SF lease. The buildings will be the second and final office building in Avalon, a mixed-use development in Alpharetta in North Atlanta.
“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. “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 by Sam Holmes of CBRE.
Hines, founded in 1957 by Gerald D. Hines, has a presence in 201 cities in 24 countries. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million SF. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million SF.