The Florida company bought the 13-year-old, 95%-leased building at 5660 New Northside Dr. in Atlanta's Northwest Central Perimeter submarket. First Data Corp., Allstate Insurance Co. and Suntory Water Group are the major tenants.

St. Joe paid the New York Central Pension fund, directed by Clarion Realty Co., an estimated $35 million or about $127.27 per sf, a price that is at or just below existing replacement costs, area brokers familiar with the transaction tell GlobeSt.com.

"The price was in the mid-30s," St. Joe Commercial president Frank W. Herring Jr. confirms to GlobeSt.com. "This acquisition will serve as a platform for our company's position in the Atlanta market."

Herring, whose office is in Orlando, says the acquisition was based on Atlanta's pending office recovery market."Because we are a long-term holder of real estate investments, it should provide us with an excellent opportunity to take advantage of leasing and development prospects as they arise in this market," Herring says.

The 6.2-acre property is positioned between Interstate 75 and GA 400, along Interstate 285. "There is immediate local road access to middle and upper-income neighborhoods, as well as a convenient amenity base for tenants," Herring says.

The purchase is a part of St. Joe Co.'s continuing capital redeployment program. Proceeds from the sale of the company's land in northwest Florida are invested in income-producing, multi-tenant office properties in select markets.

Scott R. Kaufmann, director of real estate investments for St. Joe Commercial, headed the acquisition team in this transaction. Advantis Real Estate Services Co./GVA, the Atlanta-based commercial real estate services division of St. Joe, will lease and manage 5660 New Northside Dr.