Pru-Cousins JV Buys 90%-Leased One Georgia Center for $92 Per SF

ATLANTA-One Georgia Center, a 28-story, 379,000-sf midtown office tower originally designed as the Life of Georgia headquarters, is under new ownership. CP Venture Three, a joint venture between New Jersey-based Prudential Insurance Co. of America and locally-based Cousins Properties Inc. purchased the 90%-leased asset from ITW Mortgage Investments IV Inc. The price was $35 million or $92 per sf.

Cousins has an 88.5% ownership interest. Prudential has 11.5%. Cousins plans to start $4 million of renovations at year end 2001.

The midtown property at 600 W. Peachtree St. has four levels of underground parking for 454 vehicles; another seven-level parking deck with 717 spaces; and an adjacent parcel zoned for a 350,000-sf office building. Anchor tenants are Norfolk Southern Corp., SouthTrust Bank and Parsons Brinkerhoff.

For related news, click on:Atlanta’s Cousins Takes Over 30-Mil Triangle Mixed Use Project