Cousins vice chairman Dan DuPree calls his company's Galleria 75 acquisition "a one-of-a-kind opportunity." He says the structure is "an incredibly well-located property that provides Cousins with both short and long-term possibilities. In the near-term, we benefit from owning a well-leased asset in one of the best locations in northwest Atlanta."
Dupree adds, "In the future, the combination of this site's great transportation access and the development activity planned nearby will make it ideal for redevelopment as a possible corporate headquarters location."
Galleria 75 sits on seven acres between Cumberland Parkway and Akers Mill Road and is adjacent to the proposed site for the $125-million Cobb Performing Arts Centre. The acquisition brings Cousins' Atlanta ownership portfolio to 9.3 million sf of office and medical space.
Marquis Two, owned by New York-based Colonnade Properties, is being marketed by Eastdil Co. Office brokers familiar with the Downtown submarket, tell GlobeSt.com, the Baker Street property will probably sell for about $150 per sf, a figure that approaches its replacement cost.
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