Office investors may still be hungry for office — after all, they spent $4B in the metro area last year on that asset class alone — but their plates may be more skimpy this coming year.
For the second year in a row, at least $4B in office assets traded in Atlanta, ahead of Dallas/Fort Worth in secondary markets in the U.S., according to a recent report by JLL.
Last year alone was capped with some banner trophy office sales:
- Oaktree Capital Management/Banyan Street Capital’s $268M buy of 191 Peachtree Tower from Cousins Properties.
- Shorenstein Properties’ $220M purchase of the iconic Bank of America Plaza from special servicer CWCapital.
- Preferred Office Properties $210M purchase of Three Ravinia Drive in Central Perimeter from CBRE Global Investors.
- Starwood Capital Group’s $300M buy of One Atlantic Center from a fund controlled by Hines Interests.
- Germany-based Union Investment Real Estate’s $150.5M buy of 10 10th St. from Banyan Street Capital/Oakmont Capital Management partnership.
- Sumitomo Corporation of Americas’ return to the Atlanta market with its $222.5M purchase of Atlanta Financial Center (below) in Buckhead from Hines.
- Rubenstein Partners’ (in a JV with AIG) buy of Sanctuary Park in Alpharetta for $265M from J.P. Morgan.
By: Jarred Schenke