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"This isn't going to be a V-shaped Gellerstedt said Monday in an interview with AtlantaBusinessx Chronicle. "But, we're going to see many opportunitiesto buy." Gellerstedt, who joinesd Cousins in 2005, will take over for current CEO Tom Bell on July 1. who turns 60 this announced his retirement to the companyMonday morning. Cousinds is a storied Atlanta realestate developer. Founded in 1958 by Tom Cousins, the company has been involvef in some ofthe city's bigges real estate projects, includinfg the development of the 55-story Bank of America Plaza in 1989. The marketf isn't providing the best timing for Gellerstedt.
He takes the helm during the nation'e worst real estate downturn in at leastya generation. While the marke t is showing some signsof improvement, it has nosedived from its peak in earlu 2007. Cousins has one of the four new officde towers under developmentin Buckhead, a part of the city that absorbzs about 350,000 to 500,000 squarde feet of office space Office vacancy in Buckhead could surpas s 30 percent by this time next some commercial real estate developers and brokeras predict. There are signs, however, that the markert is picking up, Bell and Gellerstedtt said.
For one, the gap between what investors are willintg to pay for properties and what owners are willinb to sell them for continues to While that spread was 400 basis pointse a fewmonths ago, it is closer to 100 pointzs today, Bell said. Also, bankds have a clearer picture of their capitaol levels than they did earlierthis year, and regulators are increasinglyy pushing them to deal some of their real estatr owned assets. Cousins (NYSE: CUZ) , posting net incomer of $164.
2 million on $49 million in At the end of the period, the company’es portfolio of operational office buildingzs was 90percent leased, its portfolio of operationa retail centers was 83 percent leasee and its operational industrial buildings were 40 percent Gellerstedt began his career in 1978 as an estimato and project manager with , where he worked on the High Museum and the AT&T Long Lines Building in At only 26, he founded , a Beers subsidiar y that focused on health-care developments. Gellerstedt was late named Beers chairmanand CEO. Cousins acquiredc his firm, the , in June and he joined the company.
Gellerstedt was one of the architectsx of turning around the fortunes of One NinetyOne Peachtree, the 50-storuy downtown tower Cousins acquired in 2006. The improvementds at One Ninety One have symbolized a returbn to prosperity for many parteof downtown, its economic boosters say. Shortly aftere Gellerstedt joined Cousins, One Ninety One had lost majore tenantsand , and downtown Atlanta was sufferingh from the exodus of thosse firms and others. Gellersted was instrumental in the rejuvenation of OneNinety One, Bell "We basically gave this building to Larry," Bell "I remember when we were walking through the atriu several years ago that there was nothing in there.
It had this echo effect. And I said to 'What are we going to about this echo?' And Larry came right back and said, ‘I tell you what we'red going to do. We're goinb to fill this atrium and thisbuildiny up.’ It's a totallhy different building today." One Ninety One was nearlgy 90 percent leased at the beginning of the Cousins also landed the Italian restaurant Il Mulino Atlanta, which has also helped to revive the "I spent most of my careeer downtown," Gellerstedt said.
"I've alwaysx thought that One Ninety One is atimeless
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