Cousins and a Coke subsidiary purchased the property in a joint venture in 1989 after Australian developer L.J. Hooker Co. declared bankruptcy and couldn't finish the structure The joint venture completed the red granite tower. It had the ideal, long-term tenant in Coca-Cola.
Cousins is currently negotiating with three big-user tenants to take Coca-Cola's space. With a first quarter Midtown vacancy rate of 9.2 percent versus a 10.1 percent vacancy level metrowide, Cousins is confident the space will be filled quickly. Two other non-Cousins office tower projects are under construction in Midtown, but they won't be completed until spring and fall of 2001.
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