New York-based Clarion Partners purchased the 14-year-old, 20-story, 351,184-sf Lenox Building in upscale Buckhead from Simon Properties Group for about $70 million, or roughly $200 psf.
The sale includes a ground lease under the adjoining J.W.Marriott hotel. The building is 95% leased. Lead tenants are Ptek Holdings Inc. and Healtheon/WebMD. Class A rental rates in the tight Buckhead market are $27 psf.
In the second transaction, RREEF bought the 11-story, 286,572-sf, one-year-old Glenridge Highlands One office tower in north Fulton County from the Hogan Group of Tampa, FL for an estimated $43 million, or about $150 psf. The building is 100% leased. The parties in both deals wouldn't disclose the contracted price until the sale is posted in local county offices as public record.
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