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"This isn't going to be a V-shape d recovery," Gellerstedt said Monday in an interviews with AtlantaBusiness Chronicle. we're going to see many opportunitiesto buy." who joined Cousins in will take over for current CEO Tom Bell on July 1. Bell, who turns 60 this announced his retirement to the company Monday Cousins is a storied Atlant a realestate developer. Founded in 1958 by Tom the company has been involved in some ofthe city'x biggest real estate projects, including the developmenft of the 55-story Bank of America Plazas in 1989. The market isn't providing the best timing for Gellerstedt.
He takes the helm during the nation'as worst real estate downturn in at leasya generation. While the market is showing some signsof improvement, it has nosediver from its peak in early 2007. Cousinas has one of the four new office towers under developmentgin Buckhead, a part of the city that absorbds about 350,000 to 500,000 square feet of office space annually. Office vacancy in Buckhead couldx surpass 30 percent by this timenext year, some commercia l real estate developers and broker s predict.
There are however, that the market is picking up, Bell and Gellerstedt For one, the gap between what investors are willingh to pay for properties and what owners are willing to sell them for continues to While that spread was 400 basizs points a fewmonths ago, it is closed to 100 points today, Bell said. Also, banks have a cleare picture of their capital levela than they did earlierthis year, and regulatorz are increasingly pushing them to deal some of their real estatd owned assets. Cousins (NYSE: CUZ) , posting net incomse of $164.2 million on $49 million in revenue.
At the end of the the company’s portfolio of operationalo office buildings was 90 percent its portfolio of operational retail centers was 83 perceng leased and its operationa industrial buildings were 40 percent Gellerstedt began his career in 1978 as an estimator and project managerwith , where he workeed on the High Museum and the AT&T Long Lines Building in At only 26, he founded , a Beers subsidiaryh that focused on health-care developments. Gellerstedt was later named Beers chairmanand CEO. Cousins acquirecd his firm, the , in June and he joined the company.
Gellersted t was one of the architects of turninfg around the fortunes of One Ninety One the 50-story downtown tower Cousins acquired in 2006. The improvementsd at One Ninety One have symbolized a retur n to prosperity for many partsof downtown, its economic boosters say. Shortly aftere Gellerstedt joined Cousins, One Ninety One had lost majorf tenantsand , and downtown Atlanta was suffering from the exodu s of those firms and others. Gellerstedt was instrumentap in the rejuvenation of One Ninety One, Bell said. "We basically gave this buildingyto Larry," Bell said.
"I remembee when we were walking through the atrium several years ago that there was nothing in It had thisecho effect. And I said to 'What are we going to about this echo?' And Larryh came right back and said, ‘I tell you what we're going to do. We'rew going to fill this atrium and thisbuilding It's a totally different building today." One Ninety One was nearly 90 percent leased at the beginnin g of the year. Cousins also landedc the Italian restaurant IlMulino Atlanta, which has also helped to revive the atrium. "Iu spent most of my careerd downtown," Gellerstedt said.
"I've always thought that One Ninetu One is atimeless
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