Metzler paid Crescent $30 million for a 65% stake in the joint venture. Crescent contributed the property and a mortgage note to the deal. Crescent will continue to manage the property for the JV and will receive fees based on the building's occupancy performance, according to a statement prepared by Crescent vice chairman and CEO John C. Goff.
The deal was done at this time to satisfy Crescent's "investment management focus," Goff says. "It is extremely important to us…that we partner with institutions who have outstanding reputations in the real estate industry. We believe we have done just that with Metzler North America, whose parent company [in Frankfurt] is the oldest privately held investment bank in Germany, with more than 330 years of successful international investment experience."
Goff calls One Buckhead Plaza "one of the most prominent business addresses" in the 13.5-million-sf Buckhead office submarket. Locally based Taylor A& Mathis developed the property in 1987 and sold it in 1997.
Crescent bought One Buckhead Plaza in April of this year from Los Angeles-based CB Richard Ellis Strategic Partners LP for $131 million or $280 per sf, as GlobeSt.com reported April 9. CBRE paid $79.5 million, or $170.60 per sf, when it purchased the property from Overseas Partners Capital, a subsidiary of Bermuda-based Overseas Partners Ltd. in 2000. At $280 per sf, Crescent paid the highest per-sf-price this year for an office asset, according to GlobeSt.com research.
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