ATLANTA-Oak Tree Capital Management and Behringer Harvard have formed a joint venture ownership arrangement for the former Home Depot headquarters here.
Los Angeles-based Oak Tree is now a partner with Behringer Harvard, the owner of the two-building, 640,000-sf Paces West complex in Vinings, according to the Atlanta Business Chronicle. Behringer acquired the property in 2006 from Equity Office Properties Trust for $113 million.
Will Yowell, Justin Parsonnet and Jay O'Meara with CBRE Inc.'s institutional office investment properties group brokered the sale.
The Oak Tree/Behringer partnership values Paces West at $82 million, or about the remaining balance of the loan, according to Databank Inc., a firm that records real estate transactions across metro Atlanta. The partnership also believes injecting new capital into the building will eventually push that value higher, according to the published report.
Piedmont Healthcare signed a 190,000-square-foot lease expansion and extension at Paces West in 2011. See story in the Atlanta Business Chronicle.
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