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ATLANTA-More than 214,000 sf of new leases have been signed for the 1.2-million-sf One Ninety One Peachtree Tower. When the eight tenants move in, the tower will be 55% physically occupied and 78% leased.

The locally based Cousins Properties Inc. has landed design firm Cooper Carry & Associates Inc. for 76,500 sf and Ogletree, Deakins, Nash, Smoak & Stewart PC for 52,000 sf. Deloitte & Touche USA LLP signed a 24,000-sf deal. The other five tenants signed leases under 20,000 sf apiece. The rest of the list is Synergy Workplaces, HOK Group, Atlanta Equity Investors, Harold A. Dawson Co. and Grey Global Group Inc.

Some tenants will move into the space later this year and some will move into the tower in 2009, Cousins’ officials tell GlobeSt.com. When Cousins acquired the asset in September 2006, it was 51% leased and 20% occupied.

During a second-quarter earnings call Friday, Cousins officials said the strong leasing conditions at One Ninety One Peachtree Tower are indicative of recent overall activity. “Our office leasing has done extremely well this year,” Cousins chairman and CEO Tom Bell said during the call.

Cousins reported activity also has been strong in its retail portfolio. However, softening in the residential market has led to weaker financial conditions for the quarter. Cousins reported a drop in FFO in the second quarter in the past year–$9.4 million or 18 cents per share versus $13.9 million or 27 cents per share in 2006. For the first six months of the year, FFO was about the same as last year. At midyear, it was $33.9 million or 63 cents per share in comparison to 2006′s $33.1 million or 64 cents a share.

“We’re expecting a 40 to 50% drop in residential lot sales in 2007 compared to last year,” said James Fleming, Cousins’ executive vice president and CFO.

Net income for Q2 was $395,000 or one cent per share in comparison with a $3.5-million net loss or seven cents a share in Q2 2006. Net income for the first six months of 2007 was $14.8 million or 28 cents a share versus $4.9 million or nine cents a share for the six months ending June 30, 2006, according to the company.

At the end of June, Cousins’ office portfolio was 86% leased; retail centers, 93%; and industrial space, fully leased. The company and its joint venture partners had 11 retail, office and industrial projects, totaling 6.2 million sf, under development and redevelopment and two condominium projects, totaling 671 units.

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