Eight months after buying the 51%-leased property in June 2005 for $37 million, or $69 per sf, from Alltel Corp., Orix has sold the class A structure to an investment fund affiliated with Hartford, CT-based UBS Realty Investors LLC. Buyer and seller declined to disclose the purchase price. However, Alpharetta office brokers familiar with the property and the deal tell GlobeSt.com the price was about $60 million or $113.29 per sf.

Orix had previously denied One Alltel Center, at 13560 Morris Rd., was on the market, area brokers and marketers tell GlobeSt.com. When Orix acquired the property, the building had 400,000 sf vacant. Orix quickly converted the single-tenant building to multi-tenant use by leasing 111,479 sf to InforGlobal Solutions Inc. Alltel Corp. retained 129,000 sf in the building. A total 289,103 sf is available for lease.

The sale closed about Jan. 27, area brokers tell GlobeSt.com, but was not disclosed by Orix until today, Feb. 8. "We bought the property…as part of our value-added acquisitions strategy with the intent to reposition, lease up and sell," says Orix president and CEO David R. Brown. "The Atlanta market has recovered very quickly and our leasing success allowed us to execute the sale ahead of scheduled."