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  • Cousins Properties to Acquire Trophy Lifestyle Office Property in Downtown Austin | Press Releases

    Cousins Properties to Acquire Trophy Lifestyle Office Property in Downtown Austin | Press Releases

    ATLANTA, Dec. 10, 2024 /PRNewswire/ — Cousins Properties (NYSE: CUZ) announced today that it is under contract to acquire 601 West 2nd Street, also known as Sail Tower, an 804,000 square foot trophy lifestyle office property in Austin, for a net purchase price of $521.8 million.  The transaction is expected to close in December, subject to customary closing conditions.

    Sail Tower is located near the Second Street entertainment district in Downtown Austin and offers unobstructed views of Lady Bird Lake.  It is just a few blocks away from Cousins’ existing 1.7 million square foot Downtown Austin office portfolio, which is currently 93% leased. Sail Tower was developed in 2022 and the office space is 100% leased to a Fortune 20 company (S&P: AA+) through 2038.    

    “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” said Colin Connolly, President and Chief Executive Officer of Cousins Properties.  “Austin continues to exhibit strong demand fundamentals, attracting top talent and growing companies.  This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.”

    Please refer to the Investor Relations page of Cousins’ website for a presentation with additional information on the transaction discussed in this release.

    About Cousins Properties

    Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing, and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets, and opportunistic investments. For more information, please visit www.cousins.com.

    CONTACT:

    Roni Imbeaux

    Vice President, Finance and Investor Relations

    404-407-1104

    rimbeaux@cousins.com

     

    Cision View original content:https://www.prnewswire.com/news-releases/cousins-properties-to-acquire-trophy-lifestyle-office-property-in-downtown-austin-302327587.html

    SOURCE Cousins Properties

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  • Nigeria releases American crypto exec after dropping money laundering case

    Nigeria releases American crypto exec after dropping money laundering case

    WASHINGTON — An American cryptocurrency executive held in Nigeria for the past eight months has been released after authorities there announced they were ending his money laundering trial on health and diplomatic grounds.

    Tigran Gambaryan, Binance’s head of financial crime compliance, was freed on humanitarian parole and was returning to the United States to receive medical attention, White House national security adviser Jake Sullivan said in a statement Thursday announcing the release.

    “I am grateful to my Nigerian colleagues and partners for the productive discussions that have resulted in this step and look forward to working closely with them on the many areas of cooperation and collaboration critical to the bilateral partnership between our two countries,” Sullivan said.

    Gambaryan was arrested in February during a business trip to Nigeria alongside Nadeem Anjarwalla, the company’s regional manager in Africa, who fled custody and remains at large.

    Nigerian authorities had accused Binance, the world’s largest cryptocurrency exchange, and Gambaryan of using the platform to launder up to $35 million and to manipulate the local naira currency, which they deny.

    Nigeria is Africa’s largest crypto economy in terms of trade volume, with many citizens using crypto to hedge their finances against surging inflation and the declining local currency.

    But as its users grew and the government struggled to stabilize the currency, officials alleged without providing evidence publicly that the platform was being used to launder money and finance terrorism, forcing it to stop all trading with the local currency on its platform.

    On Wednesday, R.U. Adaba, a prosecuting lawyer with Nigeria’s Economic and Financial Crimes Commission, told the Federal High Court in Nigeria’s capital, Abuja, that the government was ending the case after “taking into consideration some critical international and diplomatic reasons.”

    Binance still faces charges on suspicion of tax evasion and operating without the required license.

    Gambaryan’s trial has been shrouded in controversy, including over allegations that he and his colleague were illegally detained and their passports seized. Binance also alleged that Nigerian officials demanded bribes to release him and Anjarwalla.

    The Nigerian government denied the bribery allegation and defended the prosecution as following the rule of law.

    Gambaryan’s health deteriorated as his court case dragged on. The court in Abuja denied him bail twice after a judge ruled he was a flight risk and that he should remain at the Kuje prison in the capital city.

    ____

    Asadu reported from Abuja, Nigeria.

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  • Apple releases AI software for a smarter Siri on the iPhone 16

    Apple releases AI software for a smarter Siri on the iPhone 16

    Apple is accelerating the rollout of a software update that will implant artificial intelligence into its virtual assistant Siri and automate a variety of tedious tasks to coincide with the release of its latest iPhone.

    The free update enabling the first set of features in Apple’s suite of artificial intelligence became available Thursday — about two weeks ahead of the October release that Apple projected earlier this month when it unveiled the iPhone 16.

    Apple didn’t say why its artificial intelligence software is coming out ahead of its original schedule, but the technology is a marquee attraction in the four iPhone 16 models arriving in stores Friday.

    All iPhone 16 models, with starting prices ranging from $800 to $1,200, are equipped with a special processor required for the new technology, which the company is marketing as “Apple Intelligence.” That branding is part of an effort to distinguish the iPhone’s AI from similar technology already available in smartphones released earlier this year by Samsung and Google.

    The AI technology is coming out in U.S. English only for now, but will expand into localized English in Australia, Canada, New Zealand, South Africa, and the U.K. in December. Apple plans to expand into other languages and countries next year.

    Once the iOS 18.1 upgrade is installed, the often bumbling Siri is supposed to become more conversational, versatile and colorful, with a glowing light that will rotate around the iPhone’s screen as it responds to requests. While Apple is promising Siri will be able to perform more tasks and be less prone to becoming confused, it won’t be able to interact with other apps installed on the iPhone until another software update comes out at a still-unspecified date.

    Other AI features in the software update will handle a variety of writing and proofreading tasks, summarize the content of emails and other documents. The AI also will provide a variety of editing tools to alter the appearance of photos and make it easier to find old pictures.

    But the update doesn’t include other AI tricks still to come, such as the ability to create customized emojis on the fly or conjure other fanciful imagery upon request. Apple also plans to eventually enable its AI suite to get a helping hand from OpenAI’s ChatGPT when users want it.

    Besides the new iPhone model, Apple’s AI features also will work in two premium versions of the iPhone 15 after the software update to the recently released iOS 18 is installed. That’s because both the iPhone 15 Pro and iPhone 15 Pro Max also came with the computer chip needed to power the new AI. The update will also bring the ability to record spatial video on those two iPhone 15 models that can be watched on Apple’s $3,500 Vision Pro headset.

    But the AI won’t work on hundreds of millions of other iPhones, a drawback that investors are betting will juice Apple’s recently slumping sales of the ubiquitous device.

    That expectation is the main reason that Apple’s stock price has climbed by more than 15% since the company previewed its AI strategy in June, creating $500 billion in shareholder wealth. Some analysts believe the demand for new iPhones could propel Apple’s market value above $4 trillion for the first time within the next year.

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  • How the iPhone 16 is different from Apple’s recent releases

    How the iPhone 16 is different from Apple’s recent releases

    Apple’s ubiquitous iPhone is about to break new ground with a shift into artificial intelligence that will do everything from smartening up its frequently dim-witted assistant Siri to creating customized emojis on the fly.

    The new era will dawn Monday with the unveiling of the hotly anticipated iPhone 16 in a Cupertino, California, auditorium named after Apple co-founder Steve Jobs, who pulled out the first iPhone in 2007 and waved it like a magic wand while predicting it would reshape society.

    Apple has sold billions of iPhones since then, helping to create about $3 trillion in shareholder wealth. But in the past decade, there have been mostly minor upgrades from one model to the next — a factor that has caused people to hold off on buying a new iPhone and led to a recent slump in sales of Apple’s marquee product.

    The iPhone 16 is generating a bigger buzz because it is the first model to be tailored specifically for AI, a technology that is expected to trigger the biggest revolution in the industry since Jobs thrust Apple into the smartphone market 17 years ago.

    The advances included in the iPhone 16 could set up Apple to be “the gatekeeper of the consumer AI revolution,” Wedbush Securities analyst Dan Ives wrote in a research note.

    Apple’s pivot began three months ago with a preview of its new approach during a developers conference, helping to build anticipation for Monday’s showcase.

    Since that June conference, competitors such as Samsung and Google have made even more strides in AI. Google even took the unusual step of introducing its latest Pixel phones packed with their own AI magic last month instead of hewing to its traditional October timetable in an effort to upstage Apple’s release of the iPhone 16.

    In an attempt to set itself apart from the early leaders in AI, the technology being baked into the iPhone 16 is being promoted as “Apple Intelligence.” Even so, Apple Intelligence is similar to the generically named AI already available on Google’s Pixel 9 and the Samsung Galaxy S24 released in January.

    Most of Apple’s AI tasks will be performed on the iPhone itself instead of remote data centers — a distinction that requires a special processor within the forthcoming models and the high-end iPhone 15s that came out a year ago.

    That’s why investors anticipate hot demand for the iPhone 16, spurring a surge in sales that has caused Apple’s stock price to climb by 13% since Apple previewed its AI strategy in June. That spike has increased the company’s market value by nearly $400 billion.

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