"It's a very solid asset, class A mid-rise office building withstructured parking right in the heart of Buckhead, which is themost appealing submarket for office product in Atlanta," JeffHanson, president and chief investment officer of Grubb & EllisRealty Investors, tells GlobeSt.com. He adds that part of thebuilding's appeal is its proximity to Lenox Square Mall and theRitz Carlton Hotel, among other high-quality lodging options.

One Live Oak, which opened in 1982, was also attractive to thebuyer because of the historical performance of the asset, which hasconsistently maintained high occupancy and solid credit tenants,says Hanson. The building is currently 92% leased, with anchortenants including the Securities and Exchange Commission and theUniversity of Georgia Real Estate Foundation Inc. Rental rates atthe building range between $24 and $25 per sf.

According to a second-quarter Marcus & Millichap report theBuckhead/Lenox submarket currently has an 11.8% vacancy rate andthe highest rents in the Metro Atlanta area at $23.35 per sf, a4.1% increase from the same time last year. The submarket is alsoexpecting 625,000 sf of inventory this year, which may cause a risein the vacancy rate to the mid-13% range, says the report.