ATLANTA, Aug. 1, 2024 /PRNewswire/ — Cousins Properties (NYSE: CUZ) and Town Lane announced today they have acquired Proscenium, a 526,000 square foot Class A office building located in the Midtown submarket of Atlanta, GA for approximately $83 million. Town Lane and Cousins (the Ownership) completed the all-cash transaction through a newly formed joint venture with Town Lane owning 80% of the venture and Cousins owning the remaining 20%. 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, which is surrounded by walkable amenities including numerous restaurants, high quality retail, and the Colony Square mixed-use development. The property is currently 74% leased. As part of its acquisition, the new Ownership is planning significant capital upgrades to modernize and reposition the building.
Tyler Henritze, Founder and Managing Partner, Town Lane, commented, “We believe in well-located, high-quality office assets in growing submarkets like Midtown Atlanta, which can be acquired at a basis that allows us to invest in and attract great tenants. We could not be more excited about partnering with our long-term friends at Cousins to help deliver a first class office experience.”
Colin Connolly, President and Chief Executive Officer of Cousins, added, “We are thrilled to partner with Town Lane who shares our enthusiasm for the opportunities emerging in leading Sun Belt office markets. We have exciting improvements planned for Proscenium which will complement its A+ location in the heart of Midtown Atlanta. We look forward to re-introducing a re-invigorated Proscenium to customers seeking a dynamic lifestyle office experience.”
Simpson Thacher & Bartlett LLP is serving as legal counsel to Town Lane and Eversheds Sutherland (US) LLP is serving as counsel to Cousins.
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.
About Town Lane
Town Lane is a boutique, relationship-driven real estate investment manager. The Firm, based in New York City, invests thematically and nimbly across commercial real estate sectors and through the capital stack. Town Lane was founded in 2024 after raising $1.25 billion of institutional investor capital targeting opportunistic returns for its inaugural fund. Town Lane’s investment strategy seeks to identify emerging trends, evaluate misunderstood opportunities and to capitalize on episodic market dislocations. For more information on Town Lane please visit www.townlane.com.
Contact:
Cousins Properties
Roni Imbeaux
Vice President, Finance and Investor Relations
404-407-1104
[email protected]
SOURCE Cousins Properties
Originally published at https://www.prnewswire.com/news-releases/cousins-properties-and-town-lane-announce-the-acquisition-and-planned-modernization-of-proscenium-302212877.html
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