The estimated $232.29 per-sf closing price would match the $232.07 per-sf price paid by Boca Raton, FL-based Koger Equity Inc. in January for another Pope & Land asset--the 23-story, 502,000-sf, two-year-old Atlanta Center Plaza at 14th and West Peachtree Street in Midtown. The closing price was $116.5 million, as GlobeSt.com previously reported.
Another high-profile office building, the 23-story, 527,000-sf Proscenium at 1170 Peachtree St. was sold in December 2003 by Trammell Crow Co. and Real Estate Capital Partners to Toronto-based Manulife Financial for $118 million or $224 per sf.
In acquiring the estimated 71%-occupied One Glenlake, Wells will have one of the area's largest tenants in Siebel Systems Inc. of San Mateo, CA. Siebel occupies 195,000 sf or more than half the building on a 15-year lease with an estimated aggregate value of $64.4 million, brokers knowledgeable in the suburban office market tell GlobeSt.com. The average asking base rent at One Glenlake is $26 per sf, area brokers tell GlobeSt.com.
Pope& Land and its associate, Granite Partners Inc., developed One Glenlake in 2003 at a hard construction cost of $61 million or about $172.80 per sf, the developers previously disclosed. Pope & Land and Granite had purchased the four-acre tract at Glenlake Parkway and Abernathy Road in north Atlanta from Jacksonville, FL-based St. Joe Co. for an estimated $7 million or about $40.17 per sf, as GlobeSt.com previously reported.
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