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Cousins Takes a Big Hit

Atlanta-based developer Cousins Properties is writing down the value of a new office high-rise in the Buckhead market in Atlanta and negotiating with its creditors to head off an accelerated loan call on the property’s mortgage, which could come as early as March 2010.

In a filing with the U.S. Securities & Exchange Commission today, Cousins reported it will take a $39 million “impairment charge” for a new office building it completed in August 2009 in a joint venture with Prudential Real Estate Investors. The root of the problem is the deteriorating leasing fundamentals in the market, a worrisome sign that could portend trouble for more office markets across the country.

Here is the substance of the Cousins filing:

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