Town Lane and Cousins Properties Announce the Acquisition and Planned Modernization of Proscenium
01 Agosto 2024 - 3:15PM
Business Wire
Town Lane and Cousins Properties (NYSE: CUZ) 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 sub-markets 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.”
Advisors
Simpson Thacher & Bartlett LLP is serving as legal counsel
to Town Lane and Eversheds Sutherland (US) LLP is serving as
counsel to Cousins.
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.
About Cousins Properties (“Cousins”)
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.
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awork@townlane.com
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