Cousins buys prime Midtown tower at a steep discount

Welcome to Atlanta Business Chronicle’s LinkedIn Weekly Edition! I'm Digital Editor Chris Fuhrmeister, bringing you the business news to keep you in the know. Here's a selection of our top stories this week.

Atlanta’s largest office landlord and a new player have struck a deal to buy a 24-story tower in the heart of Midtown for a price not seen in decades.

A joint venture of Cousins Properties Inc. and New York City real estate investment firm Town Lane has acquired the Proscenium building in an all-cash deal for $83 million, about 30% less than it sold for 20 years ago. The transaction indicates how office property sales are poised to pick up, and it reflects the major reset of property values now underway in the U.S. office property sector.

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An affiliate of?Dallas-based Trammell Crow Co. had an agreement?to buy the 4-acre site at 98 14th Street that had once been eyed for a luxury condo tower, Atlanta Business Chronicle reported in April. Now, the deal has fallen apart, the sources said.?

The property is known for the failed “Opus Place” development, a more than 50-story residential tower. It is surrounded by some of the most expensive real estate in the city and is a short walk from the Woodruff Arts Center.

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Two stormwater ponds are set to become a 21-acre park in Johns Creek, where work is underway to create a town center from scratch.

Johns Creek City Council recently approved a $35.8 million construction contract for Creekside Park, the city's largest investment in an individual construction project. The park is one of the first steps by local officials to fulfill their vision for a community gathering hub in the affluent and diverse suburb, located about 25 miles north of Downtown Atlanta.

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Three members of The?Coca-Cola?Co. board of directors are retiring. Longtime Coke board members Barry Diller, Alexis Herman and Marc Bolland retired effective Aug. 1, the company announced. The three have served a combined 48 years on the board.

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The South Downtown investment group run by tech entrepreneurs Jon Birdsong and David Cummings paid $7.5 million for the Hotel Row building that houses Friedman’s Shoes, according to Fulton County property records. It’s the latest acquisition for the South Downtown group, which is embarking on a 10-block revitalization in the heart of Atlanta’s historic urban core.

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After 20 years in oil, gas and utilities, Sue Hrib, or “Aunt Sue” as her friends know her, turned her eye to another industry where she feels women are sorely underrepresented — liquor. Hrib launched Biatch in May of this year. The company sells lip-shaped bottles filled with Mexican-distilled, “sweeter-than-average” tequila that she aims to turn into a full lifestyle brand.?

That's all for this week's top stories. Thanks for reading Atlanta Business Chronicle! Questions? Comments? Concerns? News tips? Send them to [email protected].