Area brokers familiar with the negotiation's progress tell GlobeSt.com on condition of anonymity that a deal is near. The purchase price for both buildings is expected to be about $80 million or $138.89 per sf. TIAA and CalPERS officials declined comment. Cushman & Wakefield of Georgia Inc. represents CAlPERS.
The acquisition would give TIAA a monopoly play at the hot office submarket where it owns Concourse IV and the King and Queen towers. Monitoring the sale's progress is Trammell Crow Co. which leases and manages the three buildings TIAA currently owns at the Concourse bastion.
If TIAA completes the acquistion of Concourse I and II, Crow would probably win leasing and managing contracts for those two assets, area brokers tell GlobeSt.com. Hines Interests Inc. of Houston manages/leases Concourse I and II.
The properties are in a class A submarket with 13.4 million sf; a 91.06% occupancy level; average asking rent of $24.62 per sf; and 1.2 million sf of available space, according to second-quarter statistics from locally based Richard Bowers & Co.
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