ATLANTA—7000 Central, a 415,490-square-foot class-A office building in the heart of the Central Perimeter submarket of Atlanta, just traded hands. The office building is 86% occupied and sold for $85 million.

"Atlanta is in the latter stages of recovery, with broad-based job growth," says Vance Maddocks, president of CBRE Strategic Partners US. "Employment gains exceed the national average overall, with a stable population of professional services companies supporting continued growth."

The 18-story office building sits in a market that has seen plenty of corporate relocations in recent years, along with multifamily and retail developments that have urbanized the submarket. The building offers tenants access to GA400 and Interstate 285, as well as shuttle service to two MARTA stations.

"The Central Perimeter submarket is the largest office submarket in Atlanta with the highest concentration of employees and has reported the strongest absorption of any submarket since 2010," says Maddocks. "Our team has successfully acquired, repositioned, leased and sold several office properties in Atlanta over our history, and we will continue to leverage exceptional operating resources to execute our leasing strategy for this property."

The office property boasts on-site management office, café, Wi-Fi lounge, conference facility, EV charging stations, outdoor lakeside dining area, covered parking and walkways, and a 7,200 square foot state-of-the-art fitness center. Small local companies and large corporate users are among its tenants.

Atlanta has been a target market for the Strategic Partners US fund series. Since 2010, the program has made three other investments in Atlanta office properties totaling 1.7 million square feet and has leased more than 800,000 square feet of space in the last 12 months.

"Market conditions in Buckhead, Central Perimeter and Midtown are forcing occupiers and real estate professionals to realign their rental rate expectations," Dan Wagner, CBRE Southeast research manager, tells GlobeSt.com. "Average quoted rents contained in landlord leasing proposals from these submarkets have risen by an average of 44% since 2011, with Midtown leading the way at 49%. While executed leases ultimately deviate from initial proposal terms, the reality is that tenants are facing significant occupancy cost increases."