Gellerstedt sees opportunity in recession - Atlanta Business Chronicle:

http://www.unpa.us/article/Engineers-left-this---.html
"We're beginning to see banks slowlt acknowledge their real estate problems and pushthesd through," Gellerstedt said Friday. "You may see some as low as 20 cents on the This is going to be aslow recovery, but it is also going to present unprecedented opportunities." Gellerstedt, a was speaking at the Atlanta chapter'es UNC Kenan-Flagler Business School Alumnik breakfast. The event, held at 'z 3344 Peachtree tower, drew about 90 people.
Gellerstedt, who is replacing the retirin gTom Bell, said investors are puttinfg their money behind real estat investment trusts so the development companiees have the capital to buy distressef assets, noting that REITS have raised about $13 billion in the stocjk market this year. "They're not interesteds in earnings. They want liquidityg for the nextthree years," he "They want us to have the power to purchase.
" Cousinas (NYSE: CUZ) will not face any seriou s debt maturities until 2012, he Its relatively healthy liquidity could put the Atlanta-basesd developer in a strong position as other prominentf real estate companies try to pull themselves out from unded mountains of debt -- a problekm created primarily by the easy access to credift in recent years, buying assets at the top of the markeyt and the subsequent crash in property values. But Cousins hasn't made it through the market It has struggled tosell high-end condos in Buckhead, whered its 32-story 10 Terminus Place was one of 35 condominiunm projects in an area of the city know for expensive homes and luxury shopping.
Ten completed in 2008, has 137 units. The market is affectinf high-end units at other projects, including John Williams' The Mansiohn on Peachtree andRegent Partners' Sovereigjn at 3344 Peachtree. "There’s just no markeft for them," Gellerstedt said. Cousins is also tryinvg to fillits 25-story Terminus 200 office building, which has one tenant, mobil banking technology firm . Firethorn is leasinh two floors. Three other buildings still under construction in Buckhead haveno Buckhead, Gellerstedt said, offers an exampled of "the runaway credit markets.
" In the monthsa following the spate of bank failurex that claimed , the markets shut "Now," Gellerstedt said, "I see some of that fear and panic alleviating."