In a joint venture, Cousins Properties and Town Lane have acquired Proscenium, an impressive 526,000-square-foot Class A office building situated in the bustling Midtown submarket of Atlanta, GA. The purchase price for this prime property was approximately $83 million and was completed through an all-cash transaction. Under the newly formed partnership, Town Lane holds 80% ownership while Cousins owns the remaining 20%. Additionally, Cousins will be responsible for managing and leasing services.
According to Commercial Edge reports, Manulife has sold Proscenium after owning it for twenty years at a price of $118 million.
Strategically located at the intersection of 14th Street and Peachtree Street in Midtown Atlanta’s business district lies Proscenium. This area is also known as a hub for both work and leisure activities due to its proximity to Colony Square mixed-use development. Currently boasting a lease occupancy rate of 74%, this property offers great potential.
Cousins’ Colin Connolly expressed enthusiasm about their plans to enhance Proscenium’s appeal with exciting improvements that will complement its exceptional location in Midtown Atlanta. They are eager to reintroduce customers seeking dynamic lifestyle office experiences with a revitalized version of Proscenium.
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