Not all perennials can stand the test of time.

Atlas Restaurant Group is closing down Perennial in downtown Towson later this month, marking the first time in its 14-year history that the company has shut down one of its Baltimore-area properties.

Company cofounder Alex Smith said in a text message that sales at its other properties in the city and suburbs remained strong despite a tough overall landscape for the hospitality industry. Perennial was an outlier in that its “sales didn’t justify continuing to operate as a full service restaurant.”

The restaurant’s last day will be Dec. 28. A statement from Atlas spokesman Joe Sweeney said the decision to close was made following “thoughtful discussions and a mutual agreement between Atlas Restaurant Group and the ownership of Perennial.” Smith clarified that while his company managed the eatery at 1 Olympic Place, it was owned by Steve Fader of MileOne Autogroup, which is located in the same building.

Atlas is exploring the possibility of using the restaurant space, which is inside Towson City Center, for events. The building is owned by Caves Valley Partners.

When it opened in 2021, Perennial marked Atlas’ first foray into Baltimore County. Since then, the restaurant group has acquired suburban Baltimore County institutions Oregon Grille and the Valley Inn while building up its holdings in Baltimore City’s Harbor East and Fells Point neighborhoods.

Perennial was called Cunningham’s before Atlas took over. The group gave the space an extensive makeover, adding a large patio, but kept on the same chef, Jay Rohlfing. Rohlfing left Perennial in 2023 and now works for Columbia’s Victoria Restaurant Group.

The fine-dining eatery sits above the more casual Cunningham’s Cafe & Bakery, which will continue to operate. Cunningham’s previously used to run a wholesale operation as well that supplied bread to Atlas restaurants, but Atlas sold that business last year to Kneads Bakeshop & Café, owned by Smith’s cousins, Adam and Kira Paterakis.

Atlas still has a dizzying array of other concepts in the works, including Nine Tailed Fox, a Chinese restaurant opening in Cross Keys next spring, as well as the Undefeated, an Ernest Hemingway-themed bar in Fells Point. The company is also preparing to launch a new Japanese concept in the former Bar Vasquez location, which shares a home with Atlas’ new headquarters. In Annapolis, Atlas is cooking up Italian chophouse Marmo and tequila bar Armada, which are both set to open next summer in the former Pusser’s Caribbean Grille location. The company has also signed a new lease at 142 Dock St. in Annapolis.