Occupancy Up at Cousins Properties’ Promenade II
- Apr 20, 2012
According to a recent announcement, Cousins Properties has managed to considerably boost occupancy of its Promenade II office tower by signing Norfolk Southern as its newest tenant and renewing Tvsdesign’s existing lease. Norfolk Southern will be taking 37,000 square feet out of the total of 774,000, while Tvsdesign—the architect of the 22-year-old building—has renewed its lease for 74,000 square feet.
The new lease brings occupancy rates up to 69 percent—considerably higher than the 58 percent registered back in November 2011, when Cousins Properties acquired the Class A office tower for $134.7 million in an all-cash transaction. “We’re excited to have each of these high-quality tenants at Promenade,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “We’re also encouraged by the overall increase in leasing momentum since acquiring the building late last year.”
Jeff Dils and Thad Ellis of Cousins represented the landlord internally. Sam Holmes and John Shlesinger of CBRE Group Inc. represented Norfolk Southern, while Robert Metcalf, Gregg Metcalf and Brannan Moss of Jones Lang LaSalle handled the deal for Tvsdesign, CoStar reports.
Promenade II is a 40-story, 691-feet-tall skyscraper located in the heart of the midtown submarket of Atlanta. The building, completed in 1990, is currently the seventh-tallest skyscraper in Atlanta and easily recognizable due to its postmodern design. It is clad in highly-reflective glass and has a ziggurat-like tapering spire with stainless steel fins that light up at night. On-site amenities include a new conference facility, deli, Seattle’s Best coffee shop, Promenade Dental, sundries shop, dry cleaner, auto detail, ATM and shoe shine.
Cousins Properties Inc. is a leading diversified real estate company with extensive experience in acquisition, financing, management and leasing. Based in Atlanta, the company actively invests in office and retail development projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multifamily units and more than 60 single-family neighborhoods.
Image Courtesy of Cousins Properties