The building, located at the corner of Peachtree and 14th streets in the Midtown submarket, was sold by NOP 1180 Peachtree LLC (NOP 1180), a partnership of the California Public Employees' Retirement System and Houston-based Hines. The building was developed by Hines, which has managed and leased it since its completion earlier this year. The company will continue these roles. The sales price of the transaction was not released. However, industry sources tell GlobeSt.com the price hovers around $250 million.

NOP 1180 was represented in the transaction by Randy Evans, Michael McDonald, Ken Grimes and Robert McCall, of Eastdil Secured. Scott Orton, managing partner of Bullock Mannelly Partners, provided acquisition advisory services and arranged financing on behalf of the purchaser.

Designed by Pickard Chilton Architects, 1180 Peachtree is currently 88% leased. Its tenant roster includes King & Spalding, Rabobank, Russell Reynolds Associates, Allsteel, Coal Marketing and One Georgia Bank. Local haberdasher H. Stockton Clothier and two upscale restaurants from restaurateur Bob Amick occupy the retail space at the building's base.

David Hooks, of Market Hooks Inc. which represented the buyer, tells GlobeSt.com there were several reasons the building was attractive for acquisition. "It's a magnificent building with great architecture," Hooks says. "The tenant mix is as strong as you'll find."

Hooks adds that the buyers intend to work on leasing the remaining open space in the building, but do not have any immediate plans for capital improvements.

The sale is the latest in a flurry of office building sales in Midtown and Downtown Atlanta. In July, a partnership between locally based Cousins Properties and the Bank of America Corp. agreed to sell the 55-story Bank of America Plaza for a record-setting $436 million to an affiliate of Los Angeles-based BentleyForbes. In August, Cousins announced that is had contracted to buy Chicago-based Equity Office Properties Inc.'s 1.2-million-sf, 20% occupied 191 Peachtree Tower for $153 million. In September, locally based investment firm Day Capital Partners LLC acquired a 10-story, 116,000-sf office building at 1447 Peachtree St. from ITW Mortgage Investments IV on behalf of a private partnership.