Cousins and a Coke subsidiary purchased the property in a jointventure in 1989 after Australian developer L.J. Hooker Co. declaredbankruptcy and couldn't finish the structure The joint venturecompleted the red granite tower. It had the ideal, long-term tenantin Coca-Cola.
Cousins is currently negotiating with three big-user tenants totake Coca-Cola's space. With a first quarter Midtown vacancy rateof 9.2 percent versus a 10.1 percent vacancy level metrowide,Cousins is confident the space will be filled quickly. Two othernon-Cousins office tower projects are under construction inMidtown, but they won't be completed until spring and fall of2001.
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