New York-based Clarion Partners purchased the 14-year-old,20-story, 351,184-sf Lenox Building in upscale Buckhead from SimonProperties Group for about $70 million, or roughly $200 psf.
The sale includes a ground lease under the adjoiningJ.W.Marriott hotel. The building is 95% leased. Lead tenants arePtek Holdings Inc. and Healtheon/WebMD. Class A rental rates in thetight Buckhead market are $27 psf.
In the second transaction, RREEF bought the 11-story,286,572-sf, one-year-old Glenridge Highlands One office tower innorth Fulton County from the Hogan Group of Tampa, FL for anestimated $43 million, or about $150 psf. The building is 100%leased. The parties in both deals wouldn't disclose the contractedprice until the sale is posted in local county offices as publicrecord.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
