Crescent Pays $131M for One Buckhead Plaza

The acquisition price equates to $280 per sf. The building also has 42,000 sf of ground-floor retail. Atlanta-based Taylor & Mathis developed the property in 1987 and sold it in 1997.

In a prepared statement, Crescent's vice chairman and CEO John C. Goff didn't identify the seller of the 20-story building. However, GlobeSt.com research shows CB Richard Ellis Strategic Partners LP of Los Angeles bought the building in 2000 for $79.5 million or $170.60 per sf. The seller was Overseas Partners Capital, a subsidiary of Bermuda-based Overseas Partners Ltd.

Goff calls One Buckhead Plaza "one of the most prominent business addresses" in the Buckhead submarket, an affluent residential, commercial and entertainment district eight miles north of Downtown Atlanta. Goff says the building is "home to prestigious financial institutions and professional services firms, as well as two of the top restaurants in Atlanta."

Goff says Crescent made the deal at this time because of "the long-term growth prospects for Atlanta." He adds, "We will continue to look for ways to leverage our award-winning management and leasing platforms there."

In December 2004, Crescent paid Atlanta-based TMW-Prudential Real Estate Advisors $31 million, or $154 per sf, for the 13-year-old, 201,488-sf, 70%-leased One Live Oak office building, also in Buckhead, as GlobeSt.com previously reported.

Through its subsidiaries and joint ventures, Goff says the Texas REIT owns and manages a portfolio of office buildings totaling 30 million sf, primarily in the Southwest with major focus in Dallas, Houston, Austin, Denver, Miami and Las Vegas.