Cousins Properties Incorporated (NYSE: CUZ) announced today it has completed the spin-off of Parkway, Inc., a new, independent REIT that will be publicly traded on the NYSE under the symbol "PKY."

The spin-off occurred by means of a special dividend to Cousins stockholders of all of the outstanding shares of New Parkway stock. Under the terms of the spin-off, Cousins stockholders received one share of New Parkway common stock for every eight shares of Cousins common stock held as of the record date of October 6, 2016. Cousins common stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.

Since October 3, 2016, New Parkway shares have traded on a "when issued" basis on the NYSE under the symbol "PKY.WI." The "when issued" trading of New Parkway ended as of the market close on October 6, 2016. Starting today, the "regular way" trading of New Parkway common stock will begin under the symbol "PKY." Shares of Cousins will continue to trade under the symbol "CUZ."

ABOUT COUSINS

Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in top-tier urban office assets and opportunistic mixed-use developments in Sunbelt markets. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more information, please visit www.cousinsproperties.com.

ABOUT NEW PARKWAY

Parkway, Inc. will be a self-managed office real estate investment trust engaged in the ownership, acquisition, development and leasing of Class A office assets focused on attractive Houston, Texas submarkets. Upon completion of the spin-off, New Parkway's portfolio will consist of five Class A office assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston. Fee-based real estate services will be offered through wholly owned subsidiaries of New Parkway, which in total will manage or lease approximately 2.7 million square feet primarily for third-party owners.