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
rimbeaux@cousins.com
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SOURCE Cousins Properties