ATLANTA-Constructed as a bulk warehouse and converted to a telecom hotel in 2000, the 203,280-sf structure in Clayton County is back as a distribution center under new ownership.

Principal Global Investors, a unit of Des Moines, IA-based Principal Financial Group, paid an affiliate of New York-based Lehman Brothers $6.9 million or $33.94 per sf for the 85% vacant structure. The seller was LB Atlanta Telecom Center Operating LLC.

Lehman took title to the building in June 2001 after the previous owner, locally based JEMB Realty and its Tornado Telecom division, couldn’t make the project profitable, even after investing $10 million into the property, area brokers familiar with the venture tell

Republic Property Co. of Atlanta has been retained to lease and manage the building. Atlantic Southeast Airlines occupies 15% of the structure.

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