05:56 AM EDT, 08/02/2024 (MT Newswires) -- Cousins Properties ( CUZ ) and Town Lane said Thursday that they have acquired Proscenium, a Class A office building in Atlanta, Georgia, for about $83 million in an all-cash transaction.

The acquisition was completed through a newly formed joint venture with Town Lane owning 80% of the venture and Cousins owning the remaining 20%.

The new owners are planning significant capital upgrades to modernize and reposition the building, which is currently 74% leased. Cousins will provide property management and leasing services.