R. Dary Stone, president of Dallas-based Cousins Stone LP and a Cousins Properties' board member, is replacing Daniel M. DuPree, who retires March 31. "My ascendancy to the presidency just finalizes the integration of Cousins Stone with Cousins Properties," Stone told GlobeSt.com.
For the time being, Stone is commuting between the two cities as the transition unfolds. DuPree has been Cousins Properties' president for five years, during which time it has achieved a 21% annualized total return for shareholders, says Thomas G. Cousins, company chairman and CEO. He credits DuPree with establishing a leading management team "that has led our strategic expansion into key markets ... and has established the largest pipeline of pre-leased projects in the company's history."
Cousins Stone's Las Colinas office will stay intact and continue under Stone's leadership. Along with the appointment does come a plan to "increase business in Texas," promises Stone. "There are lots of great opportunities that we're going to pursue." The Las Colinas team consists of Charles Cotten, who's in charge of Las Colinas development; Mark Dickinson, leasing director; Mike Ablon, development director; Ken Poole, management; and Tim Hendricks, Austin director.
Stones has spent the past decade developing some of the most prestigious properties around the metroplex, first under the nameplate of Faison-Stone and then Cousins Stone LP. In 1999, Cousins Properties had acquired a 50% interest in Faison-Stone, buying out Stone's partner, and then secured another 25% interest just last year. Today, Cousins Stone manages and leases more than seven million sf of class-A assets and is the third-largest class-A property manager in Dallas. Cousins Stone also serves as development manager for the 12,000-acre Las Colinas, a master-planned business and residential community that continues to attract the most upscale projects around the metroplex.
In his new role, Stone will be leading a company that boasts a 12.8-million sf office portfolio, 3.5 million sf of retail space, .9 million sf of medical office space and more than 300 acres of strategically located land for future commercial projects.
The high-profile and well-liked Stone has served as counsel and campaign manager for Texas Gov. Bill Clements, chairman of the Texas Finance Commission, director of the Texas Office of State-Federal Relations and regional board member for Resolution Trust Corp. He remains active in several civic, education and real estate organizations.
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