Philadelphia's Berwind Buys $30 Mil Stake in Tower Place

ATLANTA-In its Atlanta debut, the privately held Pennsylvania real estate investment firm purchased a $30 million majority stake in the 29-story, 610,000-sf Tower Place 100 office building, the 60,000-sf American Inter-Continental University building and the 160,000-sf TowerWalk retail structure.

By Mark Clothier | Updated on December 11, 2001

ATLANTA-Philadelphia-based Berwind Property Group has entered Atlanta’s office market, buying out Jamestown with a $30 million stake in three buildings at Buckhead’s Tower Place.

The complex is valued at an estimated $125 million, according to published reports. Occupancy levels and average asking rents were not disclosed in Berwind’s prepared statement.

Properties in the transaction include the 29-story, 610,000-sf Tower Place 100 office building; the 60,000-sf American Inter-Continental University building; and the 160,000-sf TowerWalk retail structure.

Locally based Regent Partners retains a minority equity interest in the complex and will continue to manage and lease the property.

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