Cousins and Myers Commence One Second Street
Major Tenants Signed for New San Francisco Office Tower
San Francisco (May 2, 2000) - Cousins Properties Incorporated and Myers Development Company today announced the commencement of One Second Street, a 374,000 square foot Class "A" office tower located in the heart of San Francisco's Financial District. The 25-story project is currently 61% pre-leased and is expected to be 93% committed by the end of May 2000, according to the Atlanta-based real estate development company. Digital Island, a leading global e-Business Delivery Network company, will occupy 158,025 square feet of space, and the national law firm of Paul, Hastings, Janofsky & Walker, LLP has executed a lease for 68,100 square feet of space.
One Second Street is scheduled to open January 2002, and is strategically located on a .6-acre site between Market and Mission Streets, approximately one block from 101 Second Street, a signature office project recently completed by Cousins/Myers.
"These leases put us well ahead of our projected lease-up and clearly demonstrate the strength of the San Francisco office market, which is among the healthiest in the country," said Daniel M. DuPree, Cousins' President and Chief Operating Officer. "One Second Street provides us with another exciting opportunity to expand into this vital, growing city."
The $116 million tower will be jointly developed by Cousins/Myers II, LLC, a venture between Cousins Properties Incorporated and Myers Bay Area Company, LLC. Myers Dev elopment Company will provide development management services required throughout the design, construction and tenant improvement phases of the building. Cousins Properties will provide building management services upon completion.
One Second Street is being designed by Heller Manus Architects and constructed by Hathaway Dinwiddie Construction Company. CB Richard Ellis is the project's exclusive leasing agent.
According to Jack Myers, Chairman and Chief Executive Officer, of Myers Development Company, "I've taken a special interest in seeing to it that One Second Street contributes solidly to the architectural fabric to this great City. Our focus is on building quality real estate that enhances the community in which we work."
Myers Development Company has developed over $850 million of real estate in California and Hawaii since 1974. The company's developments include office buildings, hotel, golf course, residential, shopping center and industrial properties.
Cousins Properties Incorporated has extensive experience in the real estate industry including the development, acquisition, financing, management and leasing of properties. The property types that Cousins actively invests in include office, retail, medical office and land development projects. The company's portfolio consists of more than 11.7 million square feet of office space, 3.6 million square feet of retail space, 1.0 million square feet of medical office space and more than 300 acres of strategically located land for future commercial development. Based in Atlanta, Cousins is a fully integrated equity real estate investment trust (REIT) that has been publicly held since 1962 and trades on the New York Stock Exchange under the symbol "CUZ."