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Atlanta's Cousins Properties shifts management


February 17, 2009
Cousins Properties Inc. (NYSE: CUZ) announced today that Dan DuPree, 62, has been named vice chairman of the company after serving as its president and chief operating officer since 2007.

In his new role, DuPree will focus on a variety of key initiatives, including developing joint ventures, identifying distressed acquisition and development opportunities and insuring the performance of Cousins' recently developed retail portfolio.

Cousins also announced that Larry Gellerstedt, 52, has been named president and chief operating officer, where he will bring to bear his 30 plus years of management experience in the construction, real estate, and investment fields.

Gellerstedt joined Cousins Properties following the acquisition of his firm, The Gellerstedt Group, in June 2005, and most recently has served as executive vice president and chief development officer.

"For more than 16 years now, Dan has made and continues to make an immeasurable contribution to Cousins. We wouldn't be the company we are today without him," said Tom Bell, chairman and CEO of Cousins. "This shift to vice chairman will allow him to focus even more of his considerable talents on some of our most pressing challenges and promising opportunities.

"Promoting Larry to president and COO will help provide the company with great leadership well into the future. He has deep experience managing large organizations and over his career, he has also shown an appreciation for the entrepreneurial drive needed in a company like Cousins," Bell said. "Larry is a great fit for Cousins and I'm sure he will be a great success in his new role."

In 1984, DuPree founded New Market Development Co., Ltd. where he developed nearly 6 million square feet of retail space across the United States before selling the company to Cousins in 1992. His 30 years of development experience include the execution of more than 50 commercial projects totaling more than 16 million square feet, and the management of more than 30 JV partnerships.

Gellerstedt served as chairman and chief executive officer of the Beers Construction Co. from 1986 to 1998. In 1998, after the sale of Beers to Skanska USA, he was elected chairman and chief executive officer of American Business Products, a NYSE-listed manufacturer of packaging and printed office products. In 2000, Gellerstedt became president and chief operating officer of The Integral Group, a nationally known urban mixed-use development company. He went on to found The Gellerstedt Group in 2003.

Cousins Properties Inc. is a diversified real estate company with experience in development, acquisition, financing, management and leasing. Based in Atlanta, the company actively invests in office, multi-family, retail, and land development projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods.

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