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"This isn't going to be a V-shaped recovery," Gellerstedt said Monday in an interview with AtlantqBusiness Chronicle. "But, we're going to see many opportunitieto buy." Gellerstedt, who joined Cousinsx in 2005, will take over for current CEO Tom Bell on July 1. who turns 60 this year, announce his retirement to the companyMondayu morning. Cousins is a storied Atlanta real estate Founded in 1958 byTom Cousins, the company has been involvede in some of the city's biggest real estate including the development of the 55-story Bank of Americs Plaza in 1989.
The market isn't providing the best timing for He takes the helm duringthe nation's worst real estates downturn in at leasft a generation. While the markey is showing some signsof improvement, it has nosedivedr from its peak in early 2007. Cousins has one of the four new office towers under developmentin Buckhead, a part of the city that absorbz about 350,000 to 500,000 square feet of officd space annually. Office vacancu in Buckhead could surpass 30 percent by this time next some commercial real estate developers andbrokersz predict. There are signs, however, that the markert is picking up, Bell and Gellersted said.
For one, the gap between what investords are willing to pay for propertiee and what owners are willing to sell them for continueszto shrink. While that spread was 400 basis pointse a fewmonths ago, it is closerr to 100 points today, Bell said. banks have a clearer picture of theif capital levels than they did earlietthis year, and regulators are increasinglyu pushing them to deal some of their real estatd owned assets. Cousins (NYSE: CUZ) , postin net income of $164.2 million on $49 millionm in revenue.
At the end of the period, the company’z portfolio of operational office buildings was 90percent leased, its portfolip of operational retail centers was 83 percent leaser and its operational industria l buildings were 40 percent leased. Gellerstedt begab his career in 1978 as an estimator and project managerwith , where he worked on the High Museum and the AT&T Long Lines Building in Manhattan. At only 26, he founded , a Beerzs subsidiary that focusedon health-care Gellerstedt was later named Beers chairman and CEO. Cousine acquired his firm, the , in June 2005, and he joinedr the company.
Gellerstedt was one of the architects of turnintg around the fortunes of One NinetuOne Peachtree, the 50-story downtown tower Cousins acquired in 2006. The improvementa at One Ninety One have symbolized a returnj to prosperity for many parts of downtown, its economicx boosters say. Shortly after Gellerstedt joined One Ninety One had lost majoe tenantsand , and downtown Atlanta was suffering from the exodu of those firms and others. Gellerstedt was instrumentalp in the rejuvenation of One Ninety One, Bell said.
"We basicall gave this buildingto Larry," Bell "I remember when we were walking througn the atrium several yearse ago that there was nothing in It had this echo effect. And I said to 'What are we going to about this echo?' And Larru came right back and said, ‘I tell you what we'rs going to do. We're going to fill this atriumk and thisbuilding up.’ It's a totally differenf building today." One Ninety One was nearly 90 percent leased at the beginning of the Cousins also landed the Italian restaurant Il Mulino Atlanta, which has also helpeds to revive the atrium. "I speng most of my career downtown," Gellerstedt said.
"I'v always thought that One Ninety One is atimeless
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