Prime Capital Takes 10,000 SF at Three Ravinia Dr.

The estimated five-year lease brings the 14-year-old property on the northwest corner of Ashford-Dunwoody Road and Interstate 285 to about 60% occupancy, office brokers in the city's NW Central Perimeter submarket tell GlobeSt.com. Hines Interests LP developed the building in 1991. The structure remains as the tallest building in DeKalb County.

Koger Equity Inc. of Boca Raton, FL, now CRT Properties Inc., bought Three Ravinia Dr. in 2002 for $124.8 million cash or about $155 per sf. The seller was locally based Ravinia Three Associates Limited Partnership.

Ryan Bowie, associate vice president of Equis Corp.'s Atlanta office, arranged and managed the leasing transaction. "Equis reviewed Prime Capital's corporate objectives in detail to determine how they would impact [their] real estate needs," says Bowie. "Their objectives called for a high profile image and a location that was ready for immediate move-in without tenant improvements."

The broker adds, "The [Three] Ravinia site met all those objectives while providing excellent highway access and double-door elevator lobby exposure. We enabled Prime Capital to make a 10,000-sf commitment by negotiating favorable rates that include [some] free rent."

Lee Stokes and Johnny Wade, both previous owners of mortgage lending companies, founded Prime Capital Group. They plan several other Southeast locations.