Locally based investors Wayne Mason and Emory Morsberger, partners in 222 Mitchell Street LLC, bought the former Bank of America operations center from Toledo, OH-based Dana Commercial Credit for $3.4 million, or about $9.91 per sf. Dana had initially listed the building for $10 million or about $29.15 per sf.
The Ohio owner bought the building from Bank of America for an undisclosed sum in June 1997. The bank leased back the block-long, two-acre property for five years but a year ago chose not to renew, area brokers familiar with the Downtown market tell GlobeSt.com. In December, Bank of America moved most of its 300 workers at the Mitchell Street building to its Downtown headquarters site.
Atlanta Public Schools had considered purchasing the property for its new headquarters complex but decided instead to build a $45 million building near its existing facility on Central Avenue.
Richard Bowers & Co. of Atlanta negotiated the Mason-Morsberger transaction for the bank. Carter & Assoc. brokers Jim Shelton and Gary Algers represented the buyers.
Area brokers and construction industry estimators tell GlobeSt.com the replacement cost today of a class A, 343,000-sf Downtown commercial building, comparable to the former bank building, is about $150 per sf, or an estimated $52 million.
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