ATLANTA (Dec. 4, 2104) - Cousins Properties just got the shot in the arm it needed after a very tough week.
Today, Veritiv, what will be metro Atlanta's newest Fortune 500 company officially confirmed it selected Northpark Town Center as its new headquarters. Veritiv, formed earlier this year when International Paper's xpedx division hooked up with Unisource Worldwide, inked a deal for 68,000 square feet at the landmark suburban office park located right off Ga. 400 at Abernathy Road.
“Veritiv is a wonderful addition to our strong customer base at Northpark, which is now
home to 19 Fortune 500 companies,” said Larry Gellerstedt, president and chief
executive officer of Cousins. “Veritiv’s desire to be centrally located with close proximity
to MARTA validates Northpark’s competitive advantage in the Central Perimeter
submarket of Atlanta.”
(Of course, CRE scoop king Jarred Schenke of Bisnow broke the story about four months before the public companies wanted him, too. And congrats to Jarred on the birth of your 3rd son.)
Gellerstedt must have been pleased as punch that Veritiv chose today to announce the good-sized office deal. A couple of key REIT analysts downgraded CUZ stock because of its exposure to Houston, which quietly emerged as the Atlanta company's largest market. While most of us applaud falling oil and gas prices, office owners in Houston shudder at the thought.
So, I'm happy that Cousins can end the week on some good news. It also means someone better start developing some spec office space in the air-tight Central Perimeter submarket.
Tumbling oil prices behind Cousins Properties downgrades • 8:56 AM
- Bank of America joins Stifel in downgrading Cousins Properties (NYSE:CUZ) to Hold from Buy, noting the company's exposure to Houston, and thus to sharply lower oil prices.
- Priced in? Cousins is lower by about 12% since the start of November.
- Previously: Stifel rotates out of some REIT recommendations
Here's the official release...
Veritiv Executive Offices to be Located in Atlanta
Perimeter Center Business District
Company’s Largest Employee Base will Remain in the Greater Cincinnati Area
12/04/2014
ATLANTA -- Veritiv Corporation (NYSE: VRTV), a leading North American distribution
company, has selected Northpark Town Center, located in the Central Perimeter area of
Atlanta, for the company’s executive offices. The 68,000 square feet space owned by
Cousins Properties (NYSE: CUZ) will be home to approximately 125-150 of Veritiv’s
senior leadership and corporate support functions.
“We are pleased to bring our executive offices to the Perimeter Center area of Atlanta
and Northpark Town Center. The location will allow us to plan for growth as needed
and allows our employees a location with access to MARTA and key transportation
hubs,” said Mary Laschinger, Chairman of the Board and Chief Executive Officer of
Veritiv.
Laschinger said the company will continue to have significant operations in the Greater
Cincinnati, OH area. Ohio is home to Veritiv’s largest base of employees where
important operational and customer service functions reside.
“Veritiv is a wonderful addition to our strong customer base at Northpark, which is now
home to 19 Fortune 500 companies,” said Larry Gellerstedt, president and chief
executive officer of Cousins. “Veritiv’s desire to be centrally located with close proximity
to MARTA validates Northpark’s competitive advantage in the Central Perimeter
submarket of Atlanta.”
Veritiv was established in 2014 following a merger of International Paper Company’s
xpedx division and Unisource Worldwide, Inc. The Atlanta-based Fortune 500
Company employs approximately 9,500 employees across more than 170 distribution
centers in the U.S., Mexico and Canada.
--more--
News ReleaseAbout Veritiv
Veritiv Corporation (NYSE: VRTV), with executive offices in Atlanta, is a North American leader in
business-to-business distribution solutions. Serving customers across virtually every industry, Veritiv
provides print, packaging, facility and logistics solutions that help shape the success of its customers.
Established in 2014, following the merger of International Paper Company’s xpedx division and Unisource
Worldwide, the company employs approximately 9,500 team members across more than 170 distribution
centers throughout the U.S., Mexico and Canada. For more information about Veritiv and its business
segments visit www.veritivcorp.com.
About Cousins
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate
investment trust (REIT). The Company, based in Atlanta, GA, primarily invests in Class-A office assets
located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. The
Company has a comprehensive strategy in place based on a simple platform, trophy assets and
opportunistic investments. For more information, please visit www.cousinsproperties.com
###
Veritiv Contact:
Ed Patterson, 678-418-4221
[email protected]
Cousin Contact:
Marli Quesinberry 404-407-1898
[email protected]
Recent Comments