Boss Properties has a working relationship with a subsidiary of HVB Group, Germany's second-largest banking conglomerate.
The 92%-leased complex in the 900 block of Hammond Drive is headquarters for Porsche Cars North America and AFC Enterprises, the parent of Popeyes Chicken and Biscuits. Other name tenants are National Bank of Commerce, Reebok, UnumProvident and Showtime Networks.
Boss principals Dwight Bell and Jeff Tucker placed the two properties on the market six months ago when they solicited sealed bids for the assets. At that time, Bell told GlobeSt.com, "We're going to let the market determine the price through a competitive bid process."Bell and Tucker bought the buildings in 1998 for $81.5 million or about $158.85 per sf, as GlobeSt.com previously reported.
The 11-story, 221,037-sf One Lakeside Commons opened in 1985. The 13-story, 292,000-sf Two Lakeside Commons was completed in 1997. A Porsche car adorns the entranceway to Two Lakeside Commons where the Germany-based manufacturer leases 55,000 sf.
Recent sales of class A office buildings in Atlanta have set records on a price-per-sf basis, according to GlobeSt.com research.
For example, in 2004, in the highest per-sf-price ever recorded for a metro area office building, New York-based TIAA-CREF paid Cousins Properties Inc. of Atlanta and a Maryland-based affiliate of Stonebridge Associates $145 million, or $342.78 per sf, for the six-year-old, 98%-leased, 423,000-sf Pinnacle building in the Buckhead district, eight miles north of Downtown Atlanta.
TIAA-CREF also bought the adjacent Two Live Oak office structures at the same time in August from Cousins and its partner for $55 million or $197 per sf, as GlobeSt.com previously reported.
In June 2004, Wells Real Estate Investment Trust purchased one-year-old, 14-story, 353,000-sf One Glenlake Office building in suburban Sandy Ridge from Atlanta-based Pope & Land Enterprises Inc. and Dallas-based Granite Properties Inc. for $82 million or $232.29 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.