The property contains approximately 390,000 sf of space. It is the first phase of a mixed-use development. Rather than acquiring a mortgage to purchase the property, FSP used the proceeds of the sale of three properties earlier in the year. Those properties included a 228-unit, 231,363-sf apartment complex in Katy, TX; a 40,280-sf office building in Santa Clara, CA and a 210,993-sf office building in Fairfax, VA. The total sale proceeds were approximately $88 million.

"The sale of the these three properties is consistent with our strategic plan to make dispositions of properties for either property specific and/or market driven reasons and to reinvest the sale proceeds into other properties or investment opportunities that we believe have the potential for increased returns," says FSP president and CEO George Carter in a released statement.

Overton Park is a 34-acre, mixed-use community under development by Houston-based Hines in the northwest submarket. Overton Park is zoned to include 1.45 million sf of office space, 400 units of high-rise luxury residential space, a 200-room hotel, four restaurants and retail outparcels.

With the acquisition of One Overton Park, the company's portfolio totals 32 properties containing approximately 5.5 million sf of space. Other Georgia properties in FSP's portfolio include Royal Ridge, a 161,366-sf office building in Alpharetta that the company owns, and Satellite Place, a 132,870-sf office building in Duluth, which the company manages.