Atlanta based Cousins Properties Inc. has reached an agreement to buy the 38-story Midtown office tower Promenade II for at least $160 per square foot, according to sources familiar with the deal.

Cousins struck the agreement late Friday afternoon with Promenade II owner Beacon Capital Partners LLC of Boston, which earlier this year purchased the tower and other Charter Hall U.S. assets for $1.7 billion. Beacon Capital chose to spin off some of the portfolio, including Promenade II, because Atlanta is not one of its core markets.

Cousins Properties is expected to complete the transaction for the 774,000-square-foot dark glass tower with the ziggurat spire by the end of the quarter, if not sooner. Promenade II stands in the heart of Midtown in the 14th street corridor among other well-known Atlanta towers including 1180 Peachtree and One Atlantic Center. Promenade II once housed the regional offices for AT&T.

Cousins Properties now has trophy towers in all the intown Atlanta office markets along Peachtree Street, from Buckhead, where it developed its three-building mixed-use Terminus complex at Peachtree and Piedmont, to downtown, where it has the 50-story One Ninety One Peachtree tower.