Liberty Property Trust Buys Cabot Industrial Portfolio for $1.5B

Liberty Property Trust, a Pennsylvania-based industrial landlord, announced this week that it had entered into an agreement to buy the operating partnership of Cabot Industrial Value Fund III for $1.475 billion. The purchase price consists of the assumption of approximately $230 million of outstanding mortgage debt with a weighted average maturity of seven years with the remainder payable in cash. Liberty, which currently owns 662 properties, said it will fund the deal with a combination of real estate sales, debt and equity financing, according to a Businessweek article. The company also announced that it plans to sell 21 million shares.

"With approximately 58% of this portfolio located in Liberty's current markets and approximately 21% in the target markets of Atlanta, Dallas and Southern California, we are expanding into three of the top five national industrial markets," William Hankowsky, chief executive officer of Liberty, said in a statement.

Expected to close in October of 2013, the transaction will increase Liberty's industrial platform by approximately 23 million square feet and will add 177 properties in 24 new and existing Liberty industrial markets. Of the total portfolio, approximately 13 million square feet are located in 14 of Liberty's existing 15 industrial markets, including Chicago, South Florida, Houston, New Jersey, Maryland and Central Pennsylvania.

For more news and information visit Blumberg Capital Partners.

REITs See Increasing Demand for Office Leasing Deals

In a new article from CoStar Group, notes from recent earnings conference calls reveal that REIT landlords have made special note that they see demand for 2014 office leasing deals increasing. CoStar Group reported that the overall U.S. office vacancy rate continued to decline, dipping from 12.7% at mid-year 2012 to 12.1% as of June 30, 2013, and projected to move steadily toward a 10.5% - 11% vacancy range by 2016. Some quotes on the state of the markets from industry leaders follow:

"I think [recovery] is probably a little early for the suburbs," said Marc Holliday, CEO of SL Green Realty Corp. "The financing markets are still not terribly liquid and the sale markets -- there's not a lot of transaction activity. So we're still in a hunker-down mode out there, trying to block and tackle and do as much leasing as we can in some very challenging markets."

"We continue to see demand for new properties in strategic location," said Steve Budorick, executive vice president and COO of Corporate Office Properties Trust. "Our development leasing goal for 2013 was 400,000 square feet. We did 100,000 square feet in the first quarter and over 460,000 square feet in the second quarter alone, putting total development leasing for the year well over a half of million square feet."

"Most office construction that is occurring is build-to-suit, but that varies by market. The strongest markets, such as San Francisco, San Jose and Houston, are seeing speculative construction due to a lack of suitable space available in the market," said Andrea Cross, national office research manager for Colliers International. "We also are seeing tenants in industries in which the competition for talent is fierce, notably tech and energy, building high-quality office space with amenities to attract and retain workers."

"You're seeing a greater number of smaller type deals at $100 a square foot being done than at any time in the past. You're seeing an improving national economy and a very strong local economy," said Steven M. Durels, executive vice president and director of leasing of SL Green Realty. "So I think the fundamentals are there and it's at a point in time that job growth continues to get us to a point of supporting the demand that we'll enjoy that spike in rents."

For more news and information visit Blumberg Capital Partners.

Marketplace at Edgewater Sold for $20.6M

Marcus & Millichap Real Estate Investment Services announced that it has arranged the sale of Marketplace at Edgewater in Edgewater, New Jersey for $20.6 million, or roughly $232 per square foot. Mark Taylor, Dean Zang and Christopher Munley, all in Marcus & Millichap's Philadelphia office, represented the seller, a private investor.

The new owner, Capstone Realty Group, plans to launch a multi-million dollar improvement plan for the 88,902 square-foot center, including new facades and enhancements to the property's boardwalk overlooking the Hudson river. "We plan to upgrade and modernize the Edgewater Marketplace and aggressively seek high quality tenants for the vacant space," said Rob Friedberg, managing partner at Capstone, in a CoStar article.

Marketplace at Edgewater was built in 1990 on approximately 6.4 acres at 725 River Road. It is anchored by Trader Joe's, which leases the pad site; other tenants include Animal General, Binghamton Bagel, Chase Bank, Fast Frames, H&R Block, PetValu, River Pet Resorts and Scerbo Physical Fitness. Capstone said that it has retained Curtis Nassau at Ripco Real Estate to lease the remaining 14,000 square feet of space.

For more news and information visit Blumberg Capital Partners.

Houston's Museum District Getting New Mixed Use Development

Balcor Commercial, an investment sales brokerage firm, is developing a new 50,000-square-foot building in the Museum District of Houston, Texas that's expected to open during the 4th quarter of this year. Designed by Energy Architecture, the development at 1801 Binz is already under construction. The cost of the project was not disclosed.

Transwestern's Houston headquarters announced this week that it has been awarded the leasing assignment for the mixed-use development, with 60% of the property already leased. The development will contain a mix of high-end retail, medical and office space. "Upon completion, 1801 Binz will be one of Houston's finest boutique developments, combining multiple unique food concepts with first-class office space," said Nelson Udstuen, vice president of healthcare advisory services at Transwestern. "Its proximity to the Texas Medical Center with immediate access to Main Street and Highway 288 creates the ideal environment for medical and office tenants seeking a premier location in one of Houston's most sought after submarkets."

For more news and information visit Blumberg Capital Partners.

L&L Holding Buys Lehman's Interest in 425 Park Ave for $140M

L&L Holding Co., a privately-held, vertically- integrated real. estate company, has acquired Lehman Brothers' 90% interest in 425 Park Avenue. L&L paid close to $140 million, about $240 per square foot, for Lehman's portion of the property, valued at $84 million in 2006. L&L Holding originally acquired the site in 2006 in partnership with Lehman, and has now secured long-term investment partners for a planned development that will see the property torn down to its steel and redesigned as a world-class, 21st-century office tower, according to a CoStar report.

L&L announced last April that it had plans to replace the existing tower with a new state-of-the-art, LEED-certified skyscraper. Norman Foster, Jean Nouvel, Zaha Hadid and Richard Meier were a few of the architects that L&L invited to join in a competition for the redevelopment of the 65 year-old tower; Foster + Partners was named the winner in October 2012. The 425 Park MAS Presentation with David Levinson + Norman Fos can be seen here.

David Levinson, chairman and CEO of L&L Holding, described the plan as an "once-in-a-lifetime" opportunity. "It's not often that you get a vacant building on Park Avenue and it's the first time that's happened in 50 years," he told GlobeSt.com. "It's a very important moment and we want to create the finest building we possibly can and we are going out to what we believe are some of the brightest, creative architectural minds out there who work with us and collaborate with us in creating this very important iconic structure."

L&L declined to name its investment partners on the deal. Construction on the new 41-story office property is slated to start in 2013 and is expected to be completed by 2017.

For more news and information visit Blumberg Capital Partners.

Clarion, Trammell Break Ground on PA Industrial Spec Project

A joint venture between Trammell Crow Company and Clarion Partners broke ground this week on a new Class A speculative industrial building in Pennsylvania's Lehigh Valley industrial market. The 677,088 square foot building will sit on a 40-acre site within Lehigh Valley Industrial Park VII, a master planned business park in Bethlehem.

Trammell Crow Company and Clarion are not disclosing financial details of the development of 2485 Commerce Center, but the partners will benefit from a coveted economic advantage in the endeavor, given that Lehigh Valley Industrial Park VII is a designated Local Economic Revitalization Zone that provides tax breaks on new construction for a period of up to 10 years, according to a Commercial Property Executive article.

"We believe that the Lehigh Valley is one of the most sought after industrial markets in the entire country and this location within the Valley is exceptional," said Andrew Mele, Senior Vice President with Trammell Crow Company's Northeast Regional Business Unit. "The project offers a great location, best-in-class design and significant tax advantages. We are pleased to be delivering this project at a time when supply is limited and demand is strong."

Located at 2485 Commerce Center Boulevard, the building is scheduled for completion next spring. A leasing team led by Joseph McDermott and Vincent Ranalli at CBRE have been appointed as the listing brokers for the project.

For more news and information visit Blumberg Capital Partners.

Ariel Property Brokers Sale of Large Note Portfolio

Ariel Property Advisors, a New York City investment property sales firm, announced this week that it had arranged the sale of a portfolio of 32 performing notes. The portfolio includes properties primarily located in New York City. While the terms of the deal were not disclosed, it was released that the portfolio has a total unpaid balance of roughly $32.7 million.

The sales team of Victor Sozio, Shimon Shkury, and Michael A. Tortorici represented the seller and procured the buyer, both unnamed financial institutions. "Demand remains high for the few note portfolios available, as exemplified by this package that we marketed and sold within several weeks," said Victor Sozio, vice president. "The notes traded just below par, which translates to a single digit yield."

For more news and information visit Blumberg Capital Partners.

Beacon Buying Seattle's Exchange Building

Beacon Capital Partners is in the midst of purchasing the historic Exchange Building in downtown Seattle with consultation from commercial real estate company Lorax Partners. According to a Puget Sound Business Journal article, representatives from Beacon and the owner, Langley Investment Properties of Portland, declined comment because the transaction had not yet closed, but Lorax's Brian Fyall was looking over the 22-story building at Second Avenue and Marion Street Tuesday.

While terms of the deal were not disclosed, it is known that the property previously sold for $80.6 in 2007 when The Ashforth Co. purchased the building. Two years ago, Ashforth’s West Coast affiliate, Ashforth Pacific, bought Ashforth’s assets and created Langley Investment Properties.

The Exchange Building at 821 Second Avenue is a 22-story art deco office building located in the central business district of Seattle, Washington. It was designed by John Graham & Associates and completed in 1930. The building boasts 299,000 square feet of space, and large blocks of space are available for lease, according to officespace.com.

For more news and information visit Blumberg Capital Partners.

Atlanta's Ironworks Site Proposed $6M Development

Westside Ironworks, LLC, a partnership of Frank Buonanotte, founder and chairman emeritus, The Shopping Center Group, and Jeff Stein, founder and principal, Stein Investment Group, announced that it has plans to spend $6 million to buy and redevelop a former Westside industrial site in Atlanta. Westside wants to redevelop the property into 18,000 square feet of shops and restaurants, and filed a rezoning application with the City of Atlanta on June 11 seeking to modify the property to a mixed residential commercial (MRC) zone. The new development would turn three aging industrial buildings into two commercial platforms, totaling 18,000 square feet.

"West Midtown is the epicenter of Atlanta's newest wave of urbanism. No other neighborhood matches the history and character of the industrial buildings that define this node – undeniably a significant component of the area's energy and success," said Buonanotte of the site selection. "Our team was not only fascinated by the sheer volume of the existing Ironworks structures with the amazingly high ceilings, exposed truss work and massive doors and windows, but we were also attracted to the uniqueness of the existing community and the opportunity to enhance what has become one of the magnet neighborhoods for foodies, fashionistas and those seeking a hip, modern lifestyle."

Building One, immediately adjacent to Howell Mill Road, includes 14,400 square feet slated to house five to seven retail tenants along with a small casual food concept. Building Two, positioned in the northeast corner of the site, is designed for a 3,600-square foot, contemporary dining experience delivered by a chef-owner concept. An existing, third building will be demolished to allow for additional parking. Construction is expected to begin early 2014 with tenants opened by mid-year.

For more news and information visit Blumberg Capital Partners.

Mack-Cali Selling Suburban Philadelphia CRE Portfolio

Mack-Cali Realty Corporation announced this week that it had entered into agreements, forming joint ventures with a fund sponsored by Keystone Property Group, to sell Mack-Cali's 15 commercial real estate properties as well as three land parcels in the suburban Philadelphia market. According to the company's press release, the portfolio will be sold for approximately $233 million: $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting, and subordinated interests in the portfolio with capital accounts aggregating $22 million.

The properties include:

• 150 Monument Road, Bala Cynwyd; 125,783 square feet

• 1000-1235 Westlakes Drive, Westlakes Office Park, Berwyn; 444,350 square feet

• 4 & 5 Sentry Park, Blue Bell; 193,930 square feet

• 100-300 Stevens Drive, Airport Business Center, Lester; 371,000 square feet

• 1000 Madison Avenue, Lower Providence;100,700 square feet

• Rose Tree Corporate Center I and II, 1400 N. Providence Road, Media; 260,000 square feet

• One Plymouth Meeting, 502 W. Germantown Pike, Plymouth Meeting; 167,748 square feet

Mitchell Hersh, President and CEO of Mack-Cali, said, "My relationship with Keystone has afforded us the opportunity to make this transaction happen. It offers our Roseland subsidiary an opportunity to develop additional luxury multi-family properties that are in line with our reputation for building best in class residential at the gateway to the Main Line in Philadelphia. In addition, Mack-Cali will have the opportunity to redeploy the proceeds from this sale into more strategic growth opportunities."

For more news and information visit Blumberg Capital Partners.

Google Moving to Republic Square in 2014

Google Inc. has ended their search for new space in the Washington, DC market as it inked a new lease for 54,000 square feet at Republic Square I. Google will assume its new space at 25 Massachusetts Ave. NW in 2014, a location about 25,000 square feet larger than the company's current downtown DC office at 1101 New York Ave. NW. The building is one block from Union Station and on the southern end of the NoMa Business Improvement District. Doug Mueller and Evan Behr of Jones Lang LaSalle represented Republic Properties Corporation and CBRE represented Google. Terms of the deal were not disclosed.

"Google is another bright light in NoMa's media and technology constellation. We're delighted to welcome them to the most connected neighborhood in DC," said NoMa BID President Robin-Eve Jasper. Google joins several other large media organizations already in the NoMa neighborhood, including NPR, which moved into its new headquarters at 1111 North Capitol Street, NE in April, Sirius XM Satellite Radio, CNN, and CQ Roll Call.

According to a Silicon Valley Business Journal article, the tech company lobbies DC policymakers on a range of issues, from immigration reform to patent issues. The Post also points out that Google is still working through the process of convincing lawmakers that Google Glass does not violate privacy laws.

For more news and information visit Blumberg Capital Partners.

LA Industrial Building Sold for $17M

Lee & Associates, a broker-owned commercial real estate services firm, announced this week that it had closed the sale of 1935-1965 Tubeway Avenue in Los Angeles, California. In the deal, seller Ronald S. Bauer, trustee of the Ronald S. Bauer Living Trust, disposed of the 202,838 square-foot industrial building for $17 million to Ryzman Family Trust. The Ronald S. Bauer Living Trust was represented by Michael Tsaparian of Lee’s Los Angeles – Central office and Tony Karakachian of Prudential California Realty, while Ryzman Family Trust was represented by Jack Cline and Jeff Bethel, also of Lee’s Los Angeles – Central office.

"This off-market deal represents the difficulty in buying large well located properties in the current market," said Cline. "The buyer used 1031 exchange proceeds from a Commerce land sale and closed simultaneously. The closed property sales allowed the buyer to exchange into and the seller to exchange out of simultaneously." According to Cline, the buyer plans to execute a hold strategy on the property for potential use.

For more news and information visit Blumberg Capital Partners.

Blumberg In the News

Philip Blumberg and Blumberg Grain were featured in an article with Raman Media Network titled Blumberg Grain to Set Up Export Hub in West Africa. An excerpt follows:

Blumberg Grain, a leading US based Food Security company, emphasizes best practices in its manufacturing workplace, as well as training and skills advancement, says the company.

The hub will also include an Agriculture and Farming Institute in cooperation with Iowa State University, the Ghana Food and Agriculture Ministry, Ghanaian educational institutions and NGOs, with the purpose of providing farmers access to the best techniques and technology to increase quantity and quality of farming production.

Phase two of the hub project contemplates investments by Blumberg Grain in private farms with introduction of high yield farming technology and development of Blumberg Grain food processing facilities.

To read the full article, click here. For more news and information visit Blumberg Capital Partners.

The University Avenue Portfolio Sold for $13M

A portfolio of properties in West Bronx known as the University Avenue Portfolio sold this week for an aggregate value of $13,275,000. H.W. Wilson sold the portfolio to Tuck-It-Away Associates in a deal brokered by Massey Knakal Realty Services. The Universality Avenue Portfolio, consisting of a warehouse/office building and ten surrounding development parcels in the Highbridge section of the West Bronx, was previously sold as a package in 2012, when the asking price was $21.9 million, according to a Crain's New York Business report from July 2011.

The portfolio of buildings and development sites include 950 University Ave., a collection of five inter-connected buildings totaling 142,030 square feet. "We are excited to make the building our new headquarters as well as our newest self-storage center," said the buyer, Nick Sprayregen, President of Tuck-It-Away Associates, LP.

"This site and iconic lighthouse building was home to the H.W. Wilson Company for almost a century," said Nicholas Burns, who exclusively handled this transaction with David Simone. "While most of the individual lots are slated for residential development, 920 University Avenue will become a hotel, which will be the closest hotel to Yankee Stadium," David added.

For more news and information visit Blumberg Capital Partners.

Bixby Land Buys Corona Office Building

A 75,426 square-foot office building in Corona, California that sat vacant for the past four years has a new owner this week as Bixby Land Company announced the purchase of 2455 Anselmo Drive. While price, terms of the deal and representation in the transaction were not disclosed, it is known that Cushman & Wakefield had been marketing the property.

"We viewed this as a great opportunity to invest in a building at approximately 50% of replacement cost and immediately add value by securing an anchor tenant," said Bill Halford, president and CEO of Bixby Land Company.

The top two stories of the three-story building have been leased to construction company Atkinson/Walsh, the design-build firm that last month secured a $632 million contract from the Riverside County Transportation Commission (RCTC) to improve the Highway 91 corridor. The RCTC also plans to occupy a portion of the building as it collaborates with Atkinson/Walsh on the freeway restoration project.

For more news and information visit Blumberg Capital Partners.

Kimco Sells InTown Suites Portfolio for $735M

Kimco Realty Corp., the largest U.S. owner of community shopping centers, announced this week that it had closed on the sale of the InTown Suites company and real estate assets for $735 million, including $609 million of existing mortgage debt. An affiliate of Connecticut private equity firm Starwood Capital Group bought 100% of the common stock of InTown Hospitality Corp. with representation from a team of Paul Hastings attorneys led by Rick Kirkbride, Tom Kruger, and David Viklund. The portfolio includes 138 extended stay properties with approximately 18,000 rooms across 21 states. Citigroup served as the financial adviser to InTown Hospitality Investors on the sale.

Rick Kirkbride said the trend is that, during a very busy first half of the year, people are cautiously predicting a busy second half. "So much of that will depend upon the volatility in the interest rate environment as many more increases will cause buyers to have to reprice their acquisitions and sellers may or may not have adjusted their own expectations of what the market should bear," Kirkbride said. "If sellers do so, then activity should continue somewhat unabated or there may be a significant slowdown in activity."

For more news and information visit Blumberg Capital Partners.

Blumberg Grain in the News

The Wall Street Journal published an article today titled "Government of Ghana and Blumberg Grain Execute MOU for Manufacturing Plant and Export Hub in West Africa", heralding the new engagement to produce a state of the art food safety and security storage warehousing systems. An excerpt follows:

The Government of Ghana and Blumberg Grain have concluded a Memorandum of Understanding to cooperate in the undertaking of the company's West Africa Manufacturing Plant and Export Hub, which the government of Ghana is proposing to be located in the northern regions of Ghana.

The Hub includes the large scale production and distribution of Blumberg Grain's food security storage warehouses and network management systems to address increasing the nation's agricultural output and reducing post-harvest losses.

The manufacturing plant, to be built at Blumberg Grain's expense, without government subsidy or financing, will create 1000 new jobs, contribute significantly to the increase of the country's exports, and be a catalyst for large scale manufacturing in West Africa.

Blumberg Grain, a leading US based Food Security company, emphasizes best practices in its manufacturing workplace, as well as training and skills advancement.

The Hub will also include an Agriculture and Farming Institute in cooperation with Iowa State University, the Ghana Food and Agriculture Ministry, Ghanaian educational institutions and NGOs, with the purpose of providing farmers access to the best techniques and technology to increase quantity and quality of farming production.

To read the full article, click here. For more news and information visit Blumberg Capital Partners.

VistaPrint Building New HQ in Waltham

VistaPrint, which opened its North American headquarters in Lexington in 1999 and employs roughly 850 people, announced this week that it had decided on a location for a new, expanded U.S. headquarters. In what could be the largest suburban commercial real estate deal of the year, Vistaprint is planning to ink a deal for a 300,000-square-foot build-to-suit headquarters in Waltham, MA, the Boston Business Journal has learned. VistaPrint plans to construct a five-story facility on Wyman Street, replacing a two-story building that was built in the 1960s at 275 Wyman Street.

VistaPrint plans to leave its Lexington location at 95 Hayden Avenue when the lease expires in 2015. According to a Wicked Local Waltham article, the decision was spurred when corporate neighbor The Beal Company filed charges against Hobbs Brook, the management company, and Lexington for VistaPrint's proposed expansion, Lexington Economic Development Director Melisa Tintocalis said.

"When the deal fell through in Lexington, we had to start our search again," said Michael Greiner, Vistaprint's chief accounting officer. "But we wanted to stay in this 128 corridor where we've had good recruiting success. And from a rent versus value standpoint, we think 128 gives us that too. If we moved to Boston, we'd be paying in the high $50s, $60s and even $70s per square foot for some spaces and that math doesn't work for us."

The 11-year lease is expected to be signed in the next two weeks. Greiner won't say how much rent they will pay, but he said it is considerably more than the average rent of $27.63 that Cassidy Turley reported in their second quarter report for Waltham.

For more news and information visit Blumberg Capital Partners.

TN Industrial Properties Sold for $50M

Panattoni Development Co., a Newport Beach, CA-based real estate company with projects in more than 278 cities throughout the United States, Canada and Europe, has sold three warehouse buildings it developed in Lebanon and Murfreesboro for $50 million. Panattoni sold the properties to Denver-based Industrial Income Trust; broker Dave McGahren of Cassidy Turley managed the listing, but terms of the sale were not disclosed. The deal marks the largest industrial property sale in the Nashville area so far in 2013, according to a Tennessean article.

In Lebanon, Panattoni sold buildings 3 and 4 at its Commerce Farms industrial park off Highway 109. Tenants include tiremaker Bridgestone and logistics firm Jacobson Companies. It also sold its Elam 2 building at Elam Farms in Murfreesboro; tenants there include Intermetro Industries and the Department of Veterans Affairs.

For more news and information visit Blumberg Capital Partners.

New Eko Atlantic City on the Rise in Africa

The Eko Atlantic township outside of Lagos, Nigeria is transforming the face of Africa as 140 million tons of sand is being reclaimed from the ocean to create a new mega city. Developer Gilbert Chagoury of the Chagoury Group is creating new land for planned jogging paths, yacht jetties and condominiums with helipads for 250,000 Nigerians, a community expected to delivery by the year 2015. The Group declined to say how much Eko Atlantic will cost, other to say it will be "in the billions" of dollars.

According to a Wall Street Journal report, flush with funding from French banks that are enticed by Africa's rapid growth, the 67-year-old Mr. Chagoury is aiming to cap his career with the most colossal real-estate project in West Africa. "This is going to be the equivalent of Champs Élysées in Paris or Fifth Avenue in New York," says David Frame, managing director of South EnergX, a construction unit of Chagoury Group.

As well as luxury apartments and a forest of corporate headquarters, Eko (the original name for Lagos, in Yoruba) will feature luxuries that most of Lagos currently lacks, such as uninterrupted power, clean drinking water and fibre-optic connections. "It's enormous," project director David Frame says.

For more news and information visit Blumberg Capital Partners.

Armando Montelongo Cos. Buys Northchase Place

Armando Montelongo's real estate company, Armando Montelongo Companies Inc., announced this month that it had purchased the Northchase Place office building in the Cypress Creek area in northwest Houston. The sales price works out to about $2 million, or $26 per square foot, for the Class B 75,000-square-foot building. According to a CultureMap Houston article, Khoshbin Torrey Chase LLC of Irvine, California, sold the space at a significantly lower price than its 2013 appraised value of $2.7 million.

"Commercial real estate is greatly undervalued in Houston, which currently allows for some of the best buys per square foot in the country," said Armando Montelongo. "Not only did we purchase the property at a great value, we also believe that the Northchase is a high-quality asset with a diverse tenant mix that will continue to attract quality companies for the long term."

For more news and information visit Blumberg Capital Partners.

55 Park Place Sold for $33.5M

The Georgia State University Foundation announced this week that it had closed on its $33.5 million purchase of 55 Park Place, formerly known as Georgia-Pacific Plaza. While terms of the deal were not disclosed, the Foundation did note that . about a dozen current tenants of the property will remain until their leases expire.

"When the building at 55 Park became available, it was clear to all of us that the location, space and overall quality made it a fantastic acquisition for Georgia State," Mark P. Becker, the Georgia State University Foundation's president, said in a statement. "One of our biggest assets as a university is our ability to put both students and faculty squarely in the middle of this city’s business and governmental activity, and this new property makes that asset even more valuable."

With nearly 560,000 square feet over 19 floors, 55 Park Place dramatically increases Georgia State’s office space. To the south of 55 Park Place, across from Auburn Avenue, stands the former SunTrust Building, according to an Atlanta Business Chronicle article. The Foundation purchased that tower in 2007. To the north, the university is already planning new buildings for its business college and law school.

For more news and information visit Blumberg Capital Partners.