Windward Concourse marks the first acquisition in the Atlantamarket for Charlotte-based Allegiance, which also owns the SunTrustBank Building in Macon, GA. The firm discovered the class A officepark, totaling 201,544 square feet on 13 acres, while bidding onanother local property, says Hunter Goodwin, director ofacquisitions with Allegiance.

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"It's in one of the most affluent and newly developed submarketsin the Atlanta MSA," Goodwin tells GlobeSt.com. The buildings arecurrently 74% occupied, with several nationally recognized tenantsincluding Arrow Corp., Berkshire Hathaway and the University ofPhoenix, he says.

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Asking rents at Windward Concourse are currently listed at$18.50 per square foot, well under the $20.34 average along Georgia400, according to Cushman & Wakefield. Overall office vacancywithin the corridor is 18%.

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Allegiance is a private real estate investor founded in 1996focused on buying institutional-grade office properties across theUS. Its current portfolio totals 3.7 million square feet.

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"The investment opportunities we've been anticipating are nowbeginning to present themselves," Allegiance CEO Chris Smith says."With our team in place and our platform solidified, we're poisedto capitalize on the upside of the market correction."

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Allegiance obtained financing for the Windward Concoursepurchase through BB&T. Justin Parsonnet, executive vicepresident with CB Richard Ellis in Atlanta, brokered the deal.

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