Proscenium Office Tower in Play

ATLANTA-The two-year-old, 23-story, 527,000-sf Proscenium office building on a busy Midtown corner is up for sale at bidding prices that could reach $200 per sf, or about $105 million, Downtown brokers tell GlobeSt.com. The $200-per-sf price, if attained, would be a record for Downtown office building sales.

Eager to capitalize on an investor-hungry market, joint owners Triad Properties Corp. of Huntsville, AL, Trammell Crow Co. of Dallas and Real Estate Capital Partners of New York have placed the 1170 Peachtree St. property on the selling block, even as occupancy approaches 100%. Included in the sale is an adjacent 10-story, 910-car parking deck.

Locally based Hardin Construction Co. completed the building in 2001. Thompson, Ventulett, Stainback & Associates of here designed the structure at 1170 Peachtree St. The building’s owners haven’t yet announced an asking price for the property.

But brokers intimate with area office building values tell GlobeSt.com they base their estimated $200-per-sf sale price of the Proscenium on two office building sales earlier this year. The 12-year-old, 28-story 1100 Peachtree St. building, also in Midtown, sold for $106 million, or $190 per sf. Glenridge Highlands Two, a 19-story, 414,000-sf building in suburban Dunwoody sold for $80.5 million, or $194 per sf.

“This is a trophy property that will bring international investor interest,” an area office broker who could be representing a potential buyer tells GlobeSt.com. “This is not a vanilla-category asset.”

Principals at the ownership groups couldn’t be reached by GlobeSt.com’s publication. However, during the Proscenium’s construction phase in 2000, Triad partner Gerry Shannon correctly predicted in a website statement, “the emergence of Midtown as Atlanta’s classic 24-hour market, combined with limited office space availability, will provide the key ingredients for the success of this project.”

When the building opened in March 2001, four key tenants were WestWayne Inc., an advertising firm that leased 75,000 sf; McGuire, Woods, Battle & Boothe, a law firm that took 50,000 sf; Lord Bissell & Brook, another law firm that relocated into 30,0000 sf; and HQ Global Workplaces, an executive suite company that leased 25,000 sf.