ATLANTA—Park Center I, a 13-story, LEED-certified office tower on a seven-level parking structure with ground-floor retail, has traded hands. Financial terms of the deal were not disclosed.
Corporate Properties Trust II LP, a partnership between Mirae Asset Global Investments, based in Seoul, South Korea, and Transwestern Corporate Properties I Investor LP, closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with State Farm Auto Insurance Co.
“TIG was attracted to Park Center I because of its location in the Perimeter submarket, the high functionality and direct access to MARTA,” Laurie Dotter, president of Transwestern Corporate Properties, tells GlobeSt.com. This transaction mirrors the acquisition of the 2.2 million-square-foot State Farm campus in Dallas' CityLine project last fall.
The class A office building is uniquely located on four acres at Hammond Drive and Perimeter Center Parkway. That's right next to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction. State Farm employees began moving into the new building in fourth quarter 2016.
Corporate Properties Trust II will own the properties through a REIT. The entity was created to allow long-term, stable ownership of high-grade, fully-leased institutional properties, a structure which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of TIG.
King & Spalding was the legal adviser. Eastdil Secured provided debt capital. EY served as the tax adviser.
In other Atlanta office news, a Midtown building recently traded hands in a noteworthy transaction. And Cushman & Wakefield is reporting unprecedented growth in a specific sector.
ATLANTA—Park Center I, a 13-story, LEED-certified office tower on a seven-level parking structure with ground-floor retail, has traded hands. Financial terms of the deal were not disclosed.
Corporate Properties Trust II LP, a partnership between Mirae Asset Global Investments, based in Seoul, South Korea, and Transwestern Corporate Properties I Investor LP, closed on the acquisition of a 591,000-square-foot Atlanta building in a sale-leaseback with
“TIG was attracted to Park Center I because of its location in the Perimeter submarket, the high functionality and direct access to MARTA,” Laurie Dotter, president of Transwestern Corporate Properties, tells GlobeSt.com. This transaction mirrors the acquisition of the 2.2 million-square-foot
The class A office building is uniquely located on four acres at Hammond Drive and Perimeter Center Parkway. That's right next to the new Dunwoody MARTA station. The below-grade parking structure also provides direct access to the two additional buildings in the complex, which are currently under construction.
Corporate Properties Trust II will own the properties through a REIT. The entity was created to allow long-term, stable ownership of high-grade, fully-leased institutional properties, a structure which benefits the tenant and the investors. The investment will be managed by a wholly owned subsidiary of TIG.
In other Atlanta office news, a Midtown building recently traded hands in a noteworthy transaction. And Cushman & Wakefield is reporting unprecedented growth in a specific sector.
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