Cousins' Wildwood Office Park Growing by Another 500,000 SF

ATLANTA-Cousins Properties plans to add another 500,000 sf to Wildwood, the REIT’s 2.6 million-sf signature office park on nearly 300 acres in Cobb County in the northwest metro market. The space will be divided into two office buildings of 250,000 sf each.

The park is 100% leased. Tenant expansion is driving the move for one spec office building. Construction is expected to begin on the 10-story structure in July 2001 with completion anticipated by September 2002. Rental rates for class A space in the area range between $24 per sf and $30 per sf.

The second building, with five stories, will be designed with large, open floor space geared toward technology companies. However, Cousins plans to begin that building only after it attracts a tenant or tenants to take 50% of the space.

Cousins also plans to sell a four-acre parcel in the park for a hotel. The acreage, near Wildwood’s main entrance, is expected to be sold to Stormont Trice Corp. to develop a Marriott Residence Inn.

In addition, the REIT had nearly 60 acres rezoned for residential use. A luxury community, River’s Call, is planned and construction may begin by the end of the year. Lots are selling for $300,000 to $400,000 and the upscale homes will go for $900,000 to $1.2 million.

Cousins began Wildwood in 1981 and built the office park throughout the 1980s. Chairman Tom Cousins commissioned architect I.M. Pei to design the masterplan for Wildwood as well as Wildwood Plaza, the largest building in the park and, when it opened in 1991, the largest office building in the county.

Wildwood is bordered on three sides by the heavily wooded Chattahoochee National Recreational Area along the banks of the Chattahoochee River.