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Cousins, Hines Land Lead Tenant for New Avalon Office Project

Joint Venture to Start Construction After AXIS Reinsurance Preleases 76,000 SF at 10000 Avalon
July 10, 2018
Cousins Properties and global developer Hines just scored the lease they needed to kick off construction on a $97 million office building at the landmark Avalon mixed-use development in Alpharetta, GA.

The joint venture said late Tuesday that AXIS Reinsurance Co., a subsidiary of AXIS Capital Holdings Ltd., signed a 15-year lease for 76,000 square feet at 10000 Avalon in Alpharetta. With the prelease commitment, Cousins and Hines will start construction on 10000 Avalon this month, with initial occupancy expected in early 2020.

Cousins will own 90 percent of 10000 Avalon, while Hines will own the remaining 10 percent.

"Cousins is looking forward to building on the success of our first Avalon office development with Hines as our partner," said Larry Gellerstedt, chairman and chief executive officer of the Atlanta REIT. "We are excited AXIS has recognized Avalon as a compelling office location and are encouraged by the level of activity we are seeing from additional potential customers eager to join this vibrant mixed-use development."

Hines and Cousins previously partnered up to develop 8000 Avalon, which delivered in June 2017 and is 98 percent leased to tenants including Crown Castle and Microsoft.

Avalon, developed by North American Properties, changed the face of suburban Alpharetta with its town square design that features residences and loft offices atop ground-level retail. Avalon also is home to a Whole Foods and the new 325-room Hotel Avalon.

John Heagy, senior managing director of Hines, said landing AXIS is a testament to the attraction of Avalon. "AXIS is a great organization - a leading global player in specialty re-insurance and an active and committed corporate citizen within the local community."

Sam Holmes of CBRE represented AXIS in the lease.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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