{"id":1004161250,"date":"2016-12-09T06:55:29","date_gmt":"2016-12-09T14:55:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161250"},"modified":"2022-12-08T20:47:33","modified_gmt":"2022-12-09T04:47:33","slug":"executive-of-the-year-spotlight-lawrence-gellerstedt-iii","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\/","title":{"rendered":"Executive of the Year Spotlight: Lawrence Gellerstedt III"},"content":{"rendered":"<p>By Sanyu Kyeyune<\/p>\n<div id=\"attachment_1004161314\" style=\"width: 319px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004161314\" data-attachment-id=\"1004161314\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\/larry-gellerstedt-iii-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg\" data-orig-size=\"309,432\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Larry Gellerstedt III\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Lawrence Gellerstedt III (&lt;i&gt;above&lt;\/i&gt;) received Honorable Mention for the 2016 Executive of the Year award.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg?w=309\" class=\"size-full wp-image-1004161314\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg\" alt=\"Lawrence Gellerstedt III (above) received Honorable Mention for the 2016 Executive of the Year award. \" width=\"309\" height=\"432\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg 309w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg?resize=215,300 215w\" sizes=\"auto, (max-width: 309px) 100vw, 309px\" \/><p id=\"caption-attachment-1004161314\" class=\"wp-caption-text\">Lawrence Gellerstedt III (<i>above<\/i>) received Honorable Mention for the 2016 Executive of the Year award.<\/p><\/div>\n<p><em>This article is one in a series of short profiles highlighting recipients of <a href=\"https:\/\/www.commercialsearch.com\/news\/raising-the-bar-cpe-announces-the-2016-executives-of-the-year\/\" target=\"_blank\" rel=\"noopener\">CPE&#8217;s Executives of the Year<\/a> awards. Celebrating its 20th year, the program acknowledges the contributions of commercial real estate&#8217;s top executives across all major business sectors and asset types.<\/em><\/p>\n<p><em>First-place winners and honorable mention awardees are chosen by a confidential vote of the\u00a0CPE 100, an invited group of industry\u00a0veterans.<\/em><\/p>\n<p>Today&#8217;s installment offers a look into Cousins Properties&#8217; deleveraging strategy.<\/p>\n<p><strong>Lawrence Gellerstedt III<\/strong>, President &amp; CEO, Cousins Properties Inc.<\/p>\n<p><strong>Honorable Mention: Executive of the Year<\/strong><\/p>\n<p><strong>Headquarters:<\/strong>\u00a0Atlanta<\/p>\n<p><strong>Years as CEO:<\/strong> 7<\/p>\n<p><strong>Cousins by the numbers:<\/strong>\u00a0Focusing on the Sun Belt, Cousins has developed 20 million square feet of office space, 20 million square feet of retail, more than 3,500 multifamily units and more than 60 single-family subdivisions.<\/p>\n<p><strong>Casting a wide net:<\/strong>\u00a0This year Cousins\u00a0merged operations with Parkway Properties, an Orlando-based office REIT, and spun off the companies&#8217; combined Houston portfolios into a separately traded public REIT, which operates in all six of Cousins&#8217; core markets. To support the new enterprise, Cousins on-boarded 106 new employees. The merger spin enabled\u00a0Cousins to enter three core markets in Florida: Orlando, Tampa and Miami. It also established the company&#8217;s footprint in Phoenix.<\/p>\n<p><strong>Leasing prowess: <\/strong>In Charlotte, N.C.,\u00a0Cousins owns\u00a0a 3.1 million-square-foot portfolio\u00a0that is 99 percent leased. In Austin, the company&#8217;s portfolio spans 1.9 million square feet and is 97 percent leased, due in large part to a successful leasing campaign at Research Park V, a four-story, Class A office building whose tenants include Apple, Oracle and Xerox. The amenity-rich office complex\u00a0features an outdoor courtyard, showers and daily food trucks.<\/p>\n<p><strong>Away from Atlanta:\u00a0<\/strong>Cousins is reducing\u00a0its concentration in Atlanta so as to limit its exposure in any one market. To this end, the company closed the third-quarter\u00a0sale of One Ninety One Peachtree, a 1.2 million-square foot, Class A office building in downtown Atlanta, for a gross sales price of $268 million.<\/p>\n<p><strong>On the horizon:\u00a0<\/strong>Cousins has tapped CBRE to facilitate the sale of the Forum, a trophy office tower located in Atlanta&#8217;s Buckhead neighborhood. In an effort to be more responsive to growth opportunities, the company plans to reduce its leverage across its portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year, Gellerstedt led a merger with Parkway Properties, a Houston-concentrated office REIT.<\/p>\n","protected":false},"author":1245,"featured_media":1004161314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21791,23891,21744],"tags":[33072,33073],"class_list":["post-1004161250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exec-of-the-year","category-national","category-people","tag-cousins-properties-inc","tag-parkway-properties-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Executive of the Year Spotlight: Lawrence Gellerstedt III - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Executive of the Year Spotlight: Lawrence Gellerstedt III\" \/>\n<meta property=\"og:description\" content=\"This year, Gellerstedt led a merger with Parkway Properties, a Houston-concentrated office REIT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-09T14:55:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:47:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Larry-Gellerstedt-III1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"309\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanyu Kyeyune\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/\"},\"author\":{\"name\":\"Sanyu Kyeyune\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e7b65e0bddb12f2406dadf35eb67c6a1\"},\"headline\":\"Executive of the Year Spotlight: Lawrence Gellerstedt III\",\"datePublished\":\"2016-12-09T14:55:29+00:00\",\"dateModified\":\"2022-12-09T04:47:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/\"},\"wordCount\":396,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/12\\\/Larry-Gellerstedt-III1.jpg\",\"keywords\":[\"Cousins Properties Inc.\",\"Parkway Properties Inc.\"],\"articleSection\":[\"Executive of the Year\",\"National\",\"People\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/executive-of-the-year-spotlight-lawrence-gellerstedt-iii\\\/\",\"name\":\"Executive of the Year Spotlight: Lawrence Gellerstedt III - 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