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ATLANTA-Allianz Life Insurance Co. of North America has bought three of Opus South’s Royal 400 office park buildings at the rate of one per year. Allianz, a subsidiary of the German insurance entity, picked up its third building in the complex, the six-story, 302,000-sf Royal Centre Four for $44.9 million, or about $149 per sf, according to Databank, Inc.

Opus South continues to manage and lease all the properties. John O’Keefe, director of leasing for Opus South’s regional Atlanta office, tells GlobeSt.com that Royal Centre Four is close to 100% leased. The major tenant, Atlanta Casualty, occupies 75% of the building. Rental rates in the complex are about $22 per sf.

Allianz Life now owns just over 618,000 sf of office space with an investment of $92 million in three buildings in Royal 400. Last year, the company bought the 165,500-sf Royal Centre Three for $24 million, and in 1998, it purchased the 150,600-sf Royal Centre Two for $23.1 million. Allianz Life has other holdings in the metro area, primarily industrial property.

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