ATLANTA-Another new office tower or residential high-rise could be in the works with the acquisition by a local investor group of 11 prime acres adjacent to the Overlook III office complex in suburban Vinings, GA, area brokers tell

A developer consortium comprised of Wayne Mason, Marty Kennedy, Ed deGuardiola and George Lane paid the California Public Employees Retirement System of Sacramento, CA $4.5 million or $409,091 per acre ($9.39 per sf) for the land on Mount Wilkinson Parkway.

Brokers tell the tract is zoned for high-rise office development. DeGuardiola and Lane are primarily residential developers. Hines Interests of Houston advised Calpers on the transaction. None of the buying group members could be reached at’s publication deadline.

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