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Manulife Closes on $118M Proscenium Purchase

ATLANTA-Some insiders say that the class A office asset wasn't sufficiently marketed and that, as a result, there was "money left on the table." Not true, say the sellers, who closed yesterday on what is being billed as one of the highest-priced transactions in recent local history.

By John Salustri | Updated on December 31, 2003

ATLANTA-It’s being billed as one of the highest sale prices in recent Atlanta history. Manulife Financial, the Toronto-based financial-services firm, closed yesterday on the 528,000-sf Proscenium office tower in this city’s Midtown area. The class A office asset, which is roughly 88% leased, went for $118 million or roughly $228 per sf.

Previous ownership of the Trammell Crow-developed building consisted of a joint venture among Trammell, Real Capital and Triad. Cushman & Wakefield brokers Ralph Smalley and Chris Marshall spoke for the sellers, while Newmark Capital Group’s James Cate, Brad Simmel and David Caldwell advised Manulife. Legal counsel for Manulife came from Paul, Hasting, Janofsky & Walker. For the seller, it was Arnall Golden Gregory.

The market-setting price actually could have gone higher, says one source close to the deal. “They put this building on the market in November and asked for a buyer to close by year end,” says the observer. “As a result, there was a few million left on the table.”

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