Gellerstedt sees opportunity in recession - Atlanta Business Chronicle:

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"We're beginning to see banks slowlu acknowledge their real estate problems and push these Gellerstedtsaid Friday. "Youh may see some [trade] as low as 20 centd on the dollar... This is goingg to be a slow recovery, but it is also going to presenytunprecedented opportunities." Gellerstedt, a graduate, was speaking at the Atlanta chapter's UNC Kenan-Flagler Business School Alumni breakfast.
The event, held at 'x 3344 Peachtree tower, drew about 90 Gellerstedt, who is replacing the retirinhTom Bell, said investors are putting their money behinde real estate investment trusts so the development companie have the capital to buy distressedd assets, noting that REITS have raised about $13 billion in the stocok market this year. "They're not interested in They want liquidity for the nextthrese years," he said. "They want us to have the power to Cousins (NYSE: CUZ) will not face any seriouw debt maturities until 2012, he said.
Its relatively healthy liquidity could putthe Atlanta-based developer in a stronf position as other prominent real estate companied try to pull themselves out from undet mountains of debt -- a problem createx primarily by the easy access to credit in recen t years, buying assets at the top of the market and the subsequent crash in property values. But Cousins hasn't made it througnh the market unscathed. It has struggled to sell high-end condo in Buckhead, where its 32-story 10 Terminues Place was one of 35 condominium projects in an area of the city knownj for expensive homes and luxury Ten Terminus, completed in has 137 units.
The market is affecting high-end units at other projects, including John Williams' The Mansion on Peachtree and Regen Partners' Sovereign at 3344 Peachtree. "There’se just no market for Gellerstedt said. Cousins is also tryingv to fillits 25-story Terminus 200 office which has one tenant, mobile banking technologyh firm . Firethorn is leasing two floors. Three otheer buildings still under construction in Buckheax haveno tenants. Buckhead, Gellerstedt offers an exampleof "thee runaway credit markets." In the months followinhg the spate of bank failures that claimed , the marketsz shut down.
"Now," Gellerstedt said, "I see some of that fear and panifc alleviating."