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ATLANTA-Locally based Cousins Properties Inc. says it will take a $39-million impairment charge for the third-quarter related to its joint venture in the Terminus 200 office tower in the Buckhead submarket. The company says its ownership in the 565,000-square-foot building is not impacted and it will remain property manager and leasing agent there.

The impairment charge includes Cousins’ full $21-million investment in the JV, along with a $17.3-million loan repayment guarantee under the project’s construction loan and obligations under the existing lease. Terminus 200 was completed in August.

During the second quarter, a 50,000-square-foot lease was signed with Firethorn Holdings Inc. at Terminus 200 and the JV is negotiating with several potential tenants, though no additional leases have been executed, Cousins stated in a Securities and Exchange Commission report filed Monday. The company has determined that the estimated fair value of its investment in the 25-story building is lower than the book value.

Cousins posted a loss of $77.4 million for the second quarter after taking a $34.9-million impairment charge on its 10 Terminus Place project, plus a $28.1-million impairment on its JV investments. The firm made a leadership transition to start the third quarter, with Larry Gellerstedt III taking over as CEO for the retiring Tom Bell.

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