Atlanta-based Cousins Properties Inc. recently revealed that its board of directors elected Larry Gellerstedt to the combined role of chairman and CEO. The board also elected Colin Connolly to the position of president and COO. The current chairman, Taylor Glover, will now serve as Lead Independent Director of the Board.
Gellerstedt joined Cousins in July 2005, and he has served as President and Chief Executive Officer since July 2009. “On behalf of the Board of Directors, I would like to recognize Larry for his unwavering commitment to the Company and his outstanding work leading Cousins through a very transformative era,” says Glover. “The election of Larry to the role of Chairman is a testament to our confidence in his strategic leadership of the Company and to the strength of the accomplished leadership team he has assembled at Cousins. We look forward to his expanded role in providing oversight, direction, and leadership to the full Board.”
Connolly joined Cousins in September 2011 and has served as Executive Vice President and Chief Operating Officer since July 2016. “Colin has proven himself as a strong leader in the Cousins organization, and he has played an essential role in designing and executing our most strategic transactions, including the recent merger with Parkway Properties,” says Gellerstedt. “Since joining the company, Colin’s creative deal-making capabilities and steady judgment have been key components in the Company’s efforts in implementing our long-term strategy and driving exceptional business performance. His promotion to President will increase his responsibility in the day-to-day leadership, and I look forward to continuing our strong partnership as we drive the next phase of growth for Cousins.”
The company also recently released Q2 numbers where Gellerstedt said that the REIT’s Sun Belt office markets remain healthy and its urban portfolio continues to perform well, with same-property cash NOI up 8.6% and second-generation cash rents up 13.5%.
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust and acting through its operating partnership, Cousins Properties LP, primarily invests in class-A office towers located in high growth Sunbelt markets.