Lincoln Pays Hines Nearly $57M for Overlook III

With 144,000 sf available for lease, Lincoln senior vice president Tony Bartlett says his team plans to improve the building's occupancy level "by adding to the [existing] roster of amenities and services while investing in updating the building's common areas." Bartlett is confident "this strategy, coupled with improving market conditions, should place Overlook III in an excellent position to capture a disproportionate share of this submarket's absorption." The asking full service rent at the building is $23.50 per sf.

The 23-story Overlook III at 2859 Paces Ferry Rd. sits atop Mt. Wilkinson, Atlanta's highest point inside the Interstate 285 perimeter. The building "offers sweeping views of Downtown, Buckhead and north Georgia's rolling Appalachian foothills," Bartlett says. He negotiated the deal for the pension fund. Randy Evans of Eastdil Realty represented the seller.

Hines developed Overlook III and the adjacent 13-story, 260,000-sf Overlook II with National Office Partners Limited Partnership, a joint venture between Hines and the California Public Employees' Retirement System, also called CalPERS. In August, Nissan North America leased 21,000 sf at Overlook II for an estimated 10 years at an estimated aggregate rent of $4.4 million, as GlobeSt.com previously reported.