Cousins Properties announced this week that it had completed the acquisition of Promenade II in Atlanta, GA for $133.7 million in cash. Cousins bought the property from Charter Hall Office REIT. According to a CoStar report, Eastdil Secured and Jones Lang LaSalle handled the transaction for the seller.
The 774,000 square foot Class-A office building, located in the Midtown submarket, was 58% leased at the time of purchase with major tenants including Smith, Gambrell & Russell LLP and McGuireWoods LLP. "Promenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation," said Larry Gellerstedt, President and Chief Executive Officer of Cousins. "We now have a trophy offering in all three urban submarkets along the Peachtree Corridor, furthering our strategic goal of upgrading the portfolio as we recycle out of older, stabilized assets."
For more news and information visit Blumberg Capital Partners.
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