ATLANTA—Embassy Row, four class A office buildings spanning 551,515 square feet located in the Central Perimeter submarket of Atlanta, just traded hands. Financial terms of the deal were not disclosed.

Fairlead Commercial Real Estate and Bridge Investment Group Partners, managers of the ROC Funds, teamed up to purchase the portfolio. The seller was ARES Management.

Located on Peachtree Dunwoody Road in Sandy Springs, the 37-acre Embassy Row property fronts the GA 400 highway near Abernathy Road and is next to NorthPark Town Center. Will Yowell and Justin Parsonnet of CBRE represented ARES in the transaction.  

“With its strategic location and excellent access to GA 400 and Interstate 285, Embassy Row is one of the best located office parks in Atlanta's Central Perimeter submarket,” says Fairlead CEO Jeff Shaw. “We are planning major renovations to the buildings' common areas and enhancements to the property's overall amenities. Fairlead is very pleased to acquire Embassy Row, one of the last class A value-add opportunities in the Central Perimeter.”

Fairlead purchased Buildings 300, 400, 500 and 600. Building 100, which is occupied by the Art Institute of Atlanta, was not included in the transaction. As Shawn mentioned, ownership plans to invest over $10 million to upgrade the buildings' operating systems, common areas and tenant amenities to reposition the property.

The Embassy Row portfolio is 79% occupied, up from 45% vacancy just two years ago. As Shaw sees it, the property has benefited from the strong recovery of both Atlanta's economy and the Central Perimeter submarket.

Shaw, Jim Caswell, and Stewart Thrash of Fairlead will handle leasing for the portfolio. With the Embassy Row acquisition, Fairlead's regional portfolio totals about 2.8 million square feet.