Cingular Wireless occupies the entire campus. Cingular has its headquarters staff at another building, Glenridge Highlands Two, 5565 Glenridge Connector.
The per-sf price is the highest this year for an office asset, according to GlobeSt.com research.
Barry Real Estate Cos. Inc. of Atlanta developed the Windward-Westside property and leased it to Cingular last year for 10 years at an estimated aggregate rent of $83 million or about $22 per sf, GlobeSt.com previously reported.
The San Francisco and Atlanta offices of Chicago-based iCap Realty Advisors brokered the transaction. The buyer was looking for an office asset leased to a single tenant on a long-term contract, Vince Hughes, iCap director/Atlanta, says in a prepared statement.
Kin Heyward of iCap/Atlanta worked with Hughes in negotiating for Imperatum Georgia. Harvey Rudy, vice president/development, Barry Real Estate Cos. Inc., represented his company.
John Hancock Life Insurance Co.'s Atlanta office is funding the acquisition with permanent financing arranged by iCap.
Imperatum Georgia is a subsidiary of Imperatum Holdings Inc., a United States corporation which has other subsidiaries involved in commercial real estate in Silicon Valley equities, brokerage and institutional financial trading, according to iCap's prepared statement.
Ottawa-based Nortel Networks had initially planned to lease the two-building property but bowed out after the telecommunications industry slowdown affected company sales and growth plans, GlobeSt.com previously reported.
The highest aggregate price paid for an Atlanta office property this year was Koger Equity Inc.'s $125 million purchase in February of the 10-year-old, 31-story, 805,972-sf Three Ravinia Drive building. Koger paid Ravinia Three Associates LP $155.09 per sf for the property, GlobeSt.com reported Feb. 12.
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