Exchange Building Acquired by Newport Group
The property’s high intensity zoning allows for a variety of mixed uses and the existing structure offers a developer the chances to readapt office building to multifamily, hotel, retail, or a mix thereof.
ATLANTA, GA—Newport Group has acquired The Exchange Building, 222 Mitchell Street, Atlanta GA, in the Central Business District. TIR Prime Realty was the exclusive broker and advisor for the sellers and were instrumental in finding the buyer for the 370,000 square-foot vacant property composed of four separate and interconnected structures on 2.074 acres of land.
Financial terms were not disclosed. The last reported sale of the property was in 2014 when an unidentified buyer acquired the property from a joint venture of Orinda Corporation and Octagon Partners for $6.9 million, according to Real Capital Analytics, a proprietary research database.
The property’s high intensity zoning allows for a variety of mixed uses and the existing structure offers a developer the chances to readapt office building to multifamily, hotel, retail, or a mix thereof.
Newport is a private equity real estate investment company that focuses on commercial properties. It’s based in Germany and also has a presence in Switzerland. Newport says it invests in first-class locations where it recognizes unique value-add opportunities where value can be unlocked immediately or in future. The group already owns the M. Rich Building, the H.L. Green Building, and McCrory’s Building, according to its website.
“The immediate area has received a vote of confidence from developers looking to realize large scale projects and 222 Mitchell sits at the nucleus of those endeavors,” says Mariano Saal of TIR Prime Realty. “We are excited to see what Newport has planned for 222 Mitchell and the whole block.”