The global pension fund is expected to pick a broker by June 1 to sell its interest in the building. The local office of New York-based Eastdil Realty is on the short list of final candidates, commercial realty sources familiar with the transaction tell GlobeSt.com on condition of anonymity.
Argus Realty Investors Inc. of San Juan Capistrano, CA is advising Royal Dutch/Shell. The building's other 50% owner is a German pension fund advised by IMW Real Estate Group of Moerfelden-Walldorf, Germany. The Germans' 50% interest in the building is not being sold at this time, industry sources tell GlobeSt.com.
The 31-story Three Ravinia Drive is part of a 42-acre, northeastern site near the Perimeter Mall. The complex comprises the twin 17-story One and Two Ravinia Drive, the 15-story Crowne Plaza Hotel and a city park. The Ravinia project was initially developed in 1981 by Gerald Hines Interest Inc. of Houston, TX.
Royal Dutch/Shell is also selling its interests in office assets in Washington, D.C., Cincinnati and other markets. The fund hasn't disclosed whether the brokerage selected to handle the Three Ravinia Drive transaction will also be marketing Royal Dutch/Shell's other properties.
WorldCom and Bass Hotels & Resorts are the anchors at Three Ravinia Drive. However, WorldCom is vacating 317,000 sf by September when it relocates to its new suburban Alpharetta, GA headquarters.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
