Lea Richmond, president of Cousins/Richmond is leaving the venture as of Sept. 30. Richmond and Cousins expect to continue working together in medical ventures that Richmond may bring to the table. He will resume the management of non-Cousins-owned medical buildings in which he has or had an interest.
One sticking point the partners had was physicians co-investing in facilities. Cousins has a policy of not allowing physician-investment. In a prepared statement, Richmond says he can "now pursue those transactions while continuing to bring to Cousins more traditional opportunities."
Cousins' Daniel DuPree, president and COO, notes the medical office business has taken longer to establish than the company expected. The new arrangement will help reduce costs and increase its marketing efforts at the same time.
The company will continue to stay with the development, leasing, owning and management of the medical facilities in its portfolio, including Crawford Long Hospitals, Meridian Mark Plaza and Northside Alpharetta Campus.
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