Town Lane and Cousins Properties Acquire Proscenium in Midtown Atlanta

Author

Slice of Real Estate Team
August 06, 2024

Key Highlights:

  • Town Lane and Cousins Properties acquire Proscenium for $83 million.

  • New ownership plans significant capital upgrades for modernization.

  • Proscenium located in the heart of Midtown Atlanta, 74% leased.

Source (Business Wire)

Notable Quotes:

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“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.”

Tyler Henritze, Founder and Managing Partner at Town Lane
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“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.”

Colin Connolly, President and Chief Executive Officer at Cousins

Our Take:

The acquisition of Proscenium by Town Lane and Cousins Properties is a strategic move that capitalizes on the thriving Midtown Atlanta submarket. The planned capital upgrades signify a commitment to providing a top-tier office environment, which is essential in attracting and retaining premium tenants. This acquisition not only strengthens the portfolio of both firms but also underscores their ability to identify and invest in high-growth areas. The partnership between Town Lane and Cousins Properties exemplifies a synergistic approach, combining Town Lane's innovative investment strategies with Cousins' extensive expertise in property management and development. This collaboration is poised to redefine the office experience in one of Atlanta's most dynamic districts.