{"id":1004051463,"date":"2011-12-12T16:34:08","date_gmt":"2011-12-13T00:34:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=27431"},"modified":"2022-12-07T21:34:30","modified_gmt":"2022-12-08T05:34:30","slug":"midtowns-promenade-two-trades-owners-once-more","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/midtowns-promenade-two-trades-owners-once-more\/","title":{"rendered":"Midtown\u2019s Promenade Two Trades Owners Once More"},"content":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<\/p>\n<p style=\"text-align: justify\">The iconic Promenade Two office building in Midtown Atlanta has changed hands for the second time in the past month, as Atlanta-based Cousins Properties recently acquired the 38-story building for $134 million in cash. On November 24, Promenade Two was officially bought by current seller Beacon Capital Partners, LLC from Sydney, Australia-based Charter Hall Office REIT. It is the third U.S. asset that traded within a $1.7 billion portfolio trade that marks the Australian REIT\u2019s departure from U.S. soil. According to real estate observers, Beacon Capital has opted to sell the recently acquired trophy asset because Atlanta is not one of its core markets.<\/p>\n<p style=\"text-align: justify\">Cousins Properties paid $134 million in cash for the 774,000-square-foot office building,<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/12\/Promenade-II1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-27435\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/12\/Promenade-II1.jpg\" alt=\"\" width=\"225\" height=\"300\" \/><\/a> an acquisition that the company plans on funding on a leverage-neutral basis. \u201cPromenade Two provides us with a unique opportunity to acquire a trophy asset well below replacement cost and with the potential for exceptional value creation,\u201d said Larry Gellerstedt, president and chief executive officer of cousins. \u201cWe 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.\u201d<\/p>\n<p style=\"text-align: justify\">The Class A Promenade Two has a high-quality base with no material expirations until 2016, but it is currently 58 percent leased due to its anchor tenant recently vacating. As reported by the <em>Atlanta Journal-Constitution<\/em>, this acquisition follows Cousins Properties\u2019 sale of Midtown\u2019s One Georgia Center for $48.6 million earlier this year. Cousins Properties now has trophy towers in all the intown Atlanta office markets along Peachtree Street, from Buckhead (where it developed its three-building mixed-use Terminus complex at Peachtree) and Piedmont, to downtown, where it has the 50-story One Ninety One Peachtree Tower.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<br \/>\nThe iconic Promenade Two office building in Midtown Atlanta has changed hands for the second time in the past month, as Atlanta-based Cousins Properties recently acquired the 38-story building for $134 million in cash. On November [&#8230;]<\/p>\n","protected":false},"author":39,"featured_media":1004505520,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489],"tags":[39387],"class_list":["post-1004051463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","tag-atlanta"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Midtown\u2019s Promenade Two Trades Owners Once More - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/midtowns-promenade-two-trades-owners-once-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midtown\u2019s Promenade Two Trades Owners Once More\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor The iconic Promenade Two office building in Midtown Atlanta has changed hands for the second time in the past month, as Atlanta-based Cousins Properties recently acquired the 38-story building for $134 million in cash. 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