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Cousins Consolidates Medical and Office Divisions

ATLANTA-The medical office business has taken longer to establish than the company expected, says Daniel DuPree, the company's president and chief operating officer. The new arrangement will help reduce costs and increase the firm's marketing efforts.

By Judith Schonbak | Updated on September 18, 2000

ATLANTA-Cousins Properties Inc. is consolidating its medical office division, Cousins/Richmond, and its office division into a single operating unit. Craig P. Jones, current president of the office division, heads the new entity. John S. McColl, COO of Cousins/Richmond, was named senior vice president of the division.

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.”

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