The seller was a joint venture between New York City-based Tishman Speyer and New York City-based Lehman Brothers, which were represented in the deal by New York City-based Eastdil Secured. The terms of the deal were not disclosed, but real estate sources estimate the deal to be worth northwards of $100 million.

The 86%-leased property is located in the Central Perimeter submarket. Current tenants include Experian Information Systems, Fitzgerald & Co., Initiative Media Worldwide, IOW Atlanta and Swerdlin & Co. The class A buildings were constructed between 1981 and 1999 and designed by locally based architecture firm Cooper Cary & Associates. "The Central Perimeter submarket has been the best performing submarket in the city in recent times and there's no new speculative development," Knisely says. "From a supply and demand equation, the Central Perimeter is the best place to be."

The purchase was made on behalf of one of Shorenstein's closed-end real estate investment funds. "Palisades is one of the top office projects in the Central Perimeter market, and provides us with stable in-place cash flow through its strong existing rent roll and also the opportunity to add value," says Shorenstein Properties CEO and chairman Douglas Shorenstein says in a prepared statement.