In a joint venture, Cousins Properties and Town Lane have acquired Proscenium, an impressive 24-story office building in Atlanta’s Midtown submarket. The Class A property spans over 526,000 square feet and was purchased for approximately $83 million in an all-cash transaction. Under the newly formed partnership, Town Lane holds an 80% ownership while Cousins owns the remaining 20%. As part of the deal, Cousins will handle property management and leasing services.
According to Commercial Edge reports, Manulife has sold Proscenium after owning it for twenty years at a price of $118 million.
Proscenium is strategically located at the intersection of Peachtree and 14th streets in Midtown – a bustling business district with plenty of lifestyle amenities. It is also part of Colony Square mixed-use development. Currently standing at a lease occupancy rate of 74%, there is still room for growth.
Cousins’ Colin Connolly expressed excitement about their plans to enhance Proscenium’s appeal even further given its prime location in Midtown Atlanta. He added that they are eager to reintroduce this vibrant office space as customers seek out dynamic work environments that cater to their lifestyle needs.
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