Business & Tech

New Owners for Midtown Skyscraper

Cousins Properties acquires Promenade Two for $134.7 million.

A real estate firm with ties to the community just bought a piece of the Midtown skyline.

Cousins Properties -- run by Larry Gellerstedt, current chairman of the Midtown Alliance -- announced Monday its acquisition of , the reflective tower with the tapered spire in the heart of town.

The 38-story office building sits back a bit from Peachtree Street across from the Woodruff Arts Center on 15th Street. 

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Cousins paid $134.7 million for the 774,000-square-foot skyscraper, according to a release.

The AJC says it's "among the largest office building deals of the year."

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The building previously belonged to Boston-based Beacon Capital Partners, who recently acquired the property in a billion-dollar deal, the Atlanta Business Chronicle reported in September.

“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,” Gellerstedt, president and chief executive officer of Cousins, said in a release.

“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.”

Cousins earlier this year sold one of its Midtown properties, One Georgia Center, according to the AJC.


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