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ATLANTA, Aug. 1, 2024 /PRNewswire/ — Cousins Homes (NYSE: CUZ) and The town Lane introduced nowadays they’ve obtained Proscenium, a 526,000 sq. bedrock Magnificence A place of work development positioned within the Midtown submarket of Atlanta, GA for roughly $83 million. The town Lane and Cousins (the Possession) finished the all-cash transaction via a newly shaped three way partnership with The town Lane proudly owning 80% of the project and Cousins proudly owning the too much 20%. Cousins will grant trait control and leasing products and services.
Proscenium, positioned on the intersection of 14th and Peachtree streets, is within the middle of Midtown, a industry and way of life district, which is surrounded through walkable facilities together with diverse eating places, towering constituent retail, and the Colony Sq. mixed-use construction. The trait is lately 74% hired. As a part of its acquisition, the unused Possession is making plans vital capital upgrades to modernize and reposition the development.
Tyler Henritze, Founder and Managing Spouse, The 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 Eminent Govt 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 criminal suggest to The town Lane and Eversheds Sutherland (US) LLP is serving as suggest to Cousins.
About Cousins Homes
Cousins Homes is an absolutely built-in, self-administered and self-managed actual property funding agree with (REIT). The Corporate, based totally in Atlanta, GA and appearing via its working partnership, Cousins Homes LP, essentially invests in Magnificence A place of work structures positioned in high-growth Solar Belt markets. Based in 1958, Cousins creates shareholder worth via its in depth experience within the construction, acquisition, leasing and control of fine quality actual property property. The Corporate has a complete technique in park in accordance with a easy platform, trophy property and opportunistic investments. For more info, please consult with www.cousins.com.
About The town Lane
The town Lane is a boutique, relationship-driven actual property funding supervisor. The Company, based totally in Pristine York Town, invests thematically and nimbly throughout industrial actual property sectors and in the course of the capital stack. The town Lane was once based in 2024 nearest elevating $1.25 billion of institutional investor capital concentrated on opportunistic returns for its inaugural investmrent. The town Lane’s funding technique seeks to spot rising developments, review misunderstood alternatives and to capitalize on episodic marketplace dislocations. For more info on The town Lane please consult with www.townlane.com.
Touch:
Cousins Homes
Roni Imbeaux
Vice President, Finance and Investor Family members
404-407-1104
[email protected]
SOURCE Cousins Homes
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