Cousins Properties and Town Lane acquired Proscenium, a 24-story, 526,000-square-foot Class A office building located in the Midtown submarket of Atlanta, GA, for approximately $83 million. Town Lane and Cousins 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. Manulife, which acquired the property for $118 million over twenty years ago, was the seller.

Proscenium, located at the intersection of 14^th and Peachtree streets, is in the heart of Midtown, a business and lifestyle district, and the Colony Square mixed-use development. The property is currently 74% leased.

Cousins Colin Connolly added, “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.”