Cousins Properties has teamed up with Town Lane in a joint venture to purchase an office building in Atlanta, Georgia - with the two real estate firms having further plans for it.
The deal worth roughly $83 million will be for the property Proscenium, located at the intersection of 14th and Peachtree streets, the JV announced in a statement. Town will be the majority owner, holding 80 percent of the equity, while Cousins will get 20 percent ownership. But leasing and property management services will be provided by Cousins.
Currently, the Class A office property is 74 percent leased. Also, the duo said that it will be "planning significant capital upgrades to modernize and reposition the building."
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