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"This isn't going to be a V-shapedx recovery," Gellerstedt said Monday in an interview with AtlantaBusinessz Chronicle. "But, we're going to see many opportunitiesto Gellerstedt, who joined Cousins in will take over for current CEO Tom Bell on July 1. who turns 60 this year, announced his retiremeny to the companyMonday morning. Cousins is a storied Atlantza realestate developer. Founded in 1958 by Tom the company has been involved in some ofthe city' s biggest real estate projects, includingh the development of the 55-story Bank of Americ Plaza in 1989.
The market isn'yt providing the best timing for He takes the helm duringthe nation's worst real estated downturn in at least a generation. While the market is showing some signaof improvement, it has nosedived from its peak in earlyu 2007. Cousins has one of the four new officre towers under development in a part of the city that absorbsaboug 350,000 to 500,000 square feet of office spacre annually. Office vacancy in Buckhead coulx surpass 30 percent by this time next some commercial real estate developers andbrokera predict. There are signs, however, that the markert is picking up, Bell and Gellerstedt said.
For one, the gap betweehn what investors are willing to pay for properties and what ownerx are willing to sell them for continuedto shrink. While that spread was 400 basixs points a fewmonths ago, it is closert to 100 points today, Bell Also, banks have a clearer picture of theirf capital levels than they did earlier this and regulators are increasingly pushing them to deal some of theif real estate owned assets. Cousina (NYSE: CUZ) , posting net income of $164.
w2 million on $49 million in At the end of the the company’s portfolio of operational office buildings was 90 percenf leased, its portfolio of operational retail centers was 83 percentf leased and its operational industriakl buildings were 40 percent Gellerstedt began his career in 1978 as an estimator and projectt manager with , where he workec on the High Museum and the AT&T Long Lines Building in Manhattan. At only 26, he founded , a Beerz subsidiary that focusedon health-care developments. Gellerstedt was late named Beers chairmanand CEO.
Cousins acquired his the , in June 2005, and he joined the Gellerstedt was one of the architectx of turning around the fortunes of One Ninety One the 50-story downtown tower Cousins acquired in 2006. The improvementsz at One Ninety One have symbolized a return to prosperitu for many partsof downtown, its economifc boosters say. Shortly after Gellerstedt joined Cousins, One Ninety One had lost majod tenantsand , and downtowmn Atlanta was suffering from the exodus of thosr firms and others. Gellerstedt was instrumenta l in the rejuvenation of OneNinety One, Bell said.
"We basically gave this buildingto Larry," Bell "I remember when we were walkinh through the atrium several yeara ago that there was nothing in there. It had this echo And I said to Larry, 'Wha are we going to abouft this echo?' And Larryy came right back and said, ‘kI tell you what we're going to do. We'rd going to fill this atrium and thisbuildingg up.’ It's a totally different building today." One Ninetty One was nearly 90 percent leased at the beginnint of the year. Cousins also landed the Italian restaurant IlMulino Atlanta, which has also helped to reviver the atrium.
"I spent most of my careetr downtown," Gellerstedt said. "I've always thought that One Ninety One is atimeless
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