Cousins Properties, one of Atlanta’s biggest developers and office landlords, announced Tuesday that Colin Connolly will succeed Larry Gellerstedt as the company’s CEO.
Connolly, who joined Cousins in 2011, climbed up the ranks to become Cousins’ president, a title he will retain. The transition will take place in January with Gellerstedt taking the role of executive chairman.
“I grew up in the city, and I always admired the company,” Connolly said. “It’s had such a meaningful impact not just on the skyline but the community as a whole.
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Gellerstedt recruited Connolly from Morgan Stanley’s real estate division. Connolly joined as a senior executive in acquisitions and property dispositions and later became chief investment officer.
He played a critical role in Cousins’ 2016 merger with rival Parkway Properties, which expanded Cousins’ holdings of Class A or top-tier office space in Buckhead, Charlotte and Austin, and made the firm a major player in Phoenix, Orlando and Tampa.
“Underpinning our strategy today, we see quite a bit of population and job growth that is moving from the north to the south, chasing a higher quality of life and lower cost of doing business,” Connolly said of Cousins’ largely Southeastern portfolio.
Cousins’ metro Atlanta holdings include 3344 Peachtree and the Terminus office complex in Buckhead. The company has an office building under development at Alpharetta’s Avalon and is the developer of NCR’s headquarters in Midtown.
Gellerstedt assumed the role of Cousins CEO in 2009. He helped steer Cousins through the aftermath of the Great Recession, which rocked the residential and commercial real estate sectors.
Gellerstedt’s role will include corporate strategy, governance of the board and maintaining client relationships. Gellerstedt, who is active on several civic boards, will maintain his community service roles.
“Colin has been integral in the execution of our strategy, and he understands our legacy in the communities we serve,” Gellerstedt said in a news release.
