Koger paid Ravinia Three Associates Limited Partnership $125 million cash or $155.09 per sf for the 57%-leased property, as GlobeSt.com reported Jan. 12. The per-sf price is below an estimated replacement cost today of $200 per sf, area construction industry estimators tell GlobeSt.com.
Koger paid for the building from the proceeds of its recently closed $303 million portfolio sale to AP-Knight LP and from a $125 million line of credit obtained from Fleet National Bank.
Three Ravinia Drive would have been at a higher occupancy level if MCI hadn't vacated 315,000 sf on Sept. 30, 2001. Among the tenants are Six Continents Hotels, formerly Bass Hotels & Resorts, a division of Six Continents PLC; Blue Cross and Blue Shield of Georgia; and Alcan Cable.
Houston-based Hines Interests LP developed the 431-foot tall, class A tower in 1991. Kevin Roche John Dinkeloo & Associates designed Three Ravinia Drive on the northeast corner of Ashford-Dunwoody road and Interstate 285 in DeKalb County in suburban north Atlanta. It is the largest office building north of Midtown Atlanta and the tallest structure in DeKalb County.
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