ATLANTA - What's in a name, really? Well, if you can get this one right you win a year's free subscription to NREI. Actually the new $93 million office tower that Trammell Crow (TCC) is now building in Midtown Atlanta sits on one of the primo corners in the city, but it carries a mighty weighty name - The Proscenium.
The 23-story, 527,000 sq. ft. office building will sit on a two-acre tract at the southwest corner of 14th and Peachtree Streets. TCC is co-developing the building with Huntsville, Ala.-based Triad Properties. Triad is an equity partner in the project, along with New York-based Real Estate Capital Partners and Dallas-based TCC.
The project had been rumored for many months, before finally breaking cover thanks to four pre-lease commitments totaling nearly 200,000 sq. ft. The Proscenium is scheduled to open in March 2001. Project financing was also provided by Cigna, The Bank of Nova Scotia, SunTrust Bank and Colonial BancGroup. The Atlanta office of Holliday Fenoglio Fowler worked with TCC to secure the financing package.
