The seller was a joint venture between the Philadelphia-based Rubenstein Co. LP and locally based Barry Real Estate Cos. The acquisition was made on behalf of BPG Investment Partnership VII LP, a private equity fund with equity commitments of $550 million.
Stewart Calhoun and David Meline, of Cushman & Wakefield's capital markets group acted as the brokers. BPG senior vice president Roy Perry and vice president George Haines handled the transaction for BPG.
The 18-story building, located in the city's Central Perimeter area, is 82% leased. "Few buildings in the Central Perimeter submarket offer comparable access, quality amenities, views and name recognition," Perry says. "Having purchased over two million sf of office and flex product in Atlanta over the past six months is a testament to our confidence in the fundamentals of this regional economy."
Tom Miller, Alex Cobble and Justin Cimino, of CB Richard Ellis, have been named exclusive leasing agents for the property. BPG Property Management Co. LP will be responsible for the property management.
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