OREANDA-NEWS. May 30, 2012. Prudential Real Estate Investors has acquired Ten Peachtree Place, a 20-story, Class-A office tower in Atlanta’s midtown submarket. PREI®, acting on behalf of a German institutional investor, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

PREI acquired the building from a venture managed by Cousins Properties, Inc. Cousins, a real estate investment trust, will continue to manage the property.

“This acquisition provides the rare opportunity to invest in a high quality, institutional grade asset, in one of Atlanta’s true transit-oriented, urban environments,” said Barry Howell, a principal with PREI. “The location, in Atlanta’s vibrant Midtown submarket, offers unparalleled access to transit, retail, restaurants, hotels, residential and premier cultural offerings. We expect this investment to provide long-term stability and value for our client.”

Originally built in 1989, Ten Peachtree Place is fully leased and is the corporate headquarters of AGL Resources, Inc., one of the largest natural gas distributors in the United States. The property includes the 20-story office building, an adjacent annex building with more than 3,000 square-feet of rentable space and a 4.23-acre gated parking lot. The building underwent a USD 30 million renovation in 2002 and is currently undergoing a USD 1.2 million renovation to achieve LEED Silver status.

PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Parsippany, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, Miami, London, Lisbon, Luxembourg, Madrid, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of December 31, 2011, PREI managed approximately USD 49.1 billion in gross real estate assets (USD 31.1 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.