Raleigh-based Highwoods Properties, Inc. announced that it had purchased Two Alliance Center in the Buckhead submarket of Atlanta for $146.7 million. According to an Atlanta Journal-Constitution article, real estate developer Tishman Speyer sold the iconic Buckhead office tower to Highwoods, which plans to spend about $800,000 in renovations to improve the building.
Ed Fritsch, president and chief executive officer of Highwoods, stated, "This investment garners us one of the best Class A office buildings in the southeast, a new building with a well-diversified rent roll that we acquired at a 10% discount to replacement cost. The building has an average remaining lease term of ten years and no lease expirations until 2017, when less than 24,000 square feet is scheduled to expire."
Completed in 2009, the 29-story, 492,000 square foot office tower at 3500 Lenox Road NE was designed by Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. Two Alliance Center is within walking distance to both Phipps Plaza and Lenox Square Mall, two upscale malls, as well as a number of luxury hotels, including the Ritz-Carlton and the Mandarin Oriental. The property was roughly 90% leased at the time of sale with major tenants including Novelis Inc. and Marsh & McLennan Cos.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment