ATLANTA—Paces West, a class A office development in Atlanta's Cumberland/Galleria submarket, has traded hands. The sale price: $113 million.

CBRE's Will Yowell, Justin Parsonnet, Jay O'Meara, and Jeff Ackemann represented a partnership between TIER REIT and funds managed by Oaktree Capital Management, in the sale of the office asset. Investcorp International acquired the development.

"Paces West was a compelling core-plus offering that benefits from Cumberland/Galleria's continued momentum," Parsonnet tells GlobeSt.com. "The relocation of the Atlanta Braves to the submarket offers a strategic catalyst that is triggering the next wave of its maturity as one of Atlanta's top office destinations."

Paces West, which consists of two office towers, is widely considered one of Atlanta's top properties. The 646,471-square-foot office complex was formerly home to Home Depot's headquarters.

"Oaktree and TIER REIT created considerable value at the property," Parsonnet says, "while allowing Investcorp International the opportunity to further leverage the asset's strong market position for further upside." The property is 90% leased.

Paces West was recognized as a regional TOBY award winner in 2010 and recently underwent $11.7 million of building improvements, including winning the Energy Star rating and measures toward achieving LEED certification. Piedmont Healthcare, Reliance Worldwide, British Telecom and Project Time & Cost are among the tenants.