Proscenium Sold for Record Price

ATLANTA-The two-year-old, 527,000-sf, 80%-leased Proscenium Building at busy 1170 Peachtree Street in Midtown is under new ownership today. Manulife Financial of Toronto paid Trammell Crow Co. of Dallas and Real Estate Capital Partners of New York $118 million, or $224 per sf ,for the 23-story office structure, Downtown brokers in a position to know tell GlobeSt.com. The sale included an adjacent 10-story, 910-car parking deck. The deal closed Dec. 30.

The per-sf-price is the highest paid for a comparable property in the metro area in the last 10 years, local real estate researchers tell GlobeSt.com. Two sales earlier this year approached the $200-per-sf barrier but never crossed it, brokers tell GlobeSt.com.

Those sales involved Glenridge Highlands Two, a 19-story, 414,000-sf building in suburban Dunwoody, GA that Atlanta-based Wells Real Estate Investment Trust Inc. bought from New York-based Teachers Insurance and Annuity Association for $80.5 million, or $194 per sf; and the 12-year-old, 28-story, 1100 Peachtree Street building in Midtown that sold for $106 million, or $190 per sf.