Cousins Properties, Town Lane acquire class A office building in Atlanta MSA for $83m

Cousins Properties and Town Lane announced they have acquired Proscenium, a 526,000-square-foot class A office building located in the Midtown submarket of Atlanta, for approximately $83 million. Town Lane and Cousins completed the all-cash transaction through a newly formed joint venture, with Town Lane owning 80 percent of the venture and Cousins owning the remaining 20 percent. Cousins will provide property management and leasing services.

Proscenium, located at the intersection of 14th and Peachtree streets, is in the heart of Midtown, a business and lifestyle district surrounded by walkable amenities including numerous restaurants, high-quality retail and the Colony Square mixed-use development. The property is currently 74 percent leased. As part of its acquisition, the new ownership is planning significant capital upgrades to modernize and reposition the building.