X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-BellSouth officials and area office brokers confirm to GlobeSt.com that BellSouth has sold its equity interests in the 12-year-old, 28-story 1100 Peachtree Street Tower Downtown and in the six-building Chastain Center office park in suburban Kennesaw to USAA of San Antonio, TX. BellSouth is keeping its offices at both locations.

BellSouth representatives wouldn’t disclose the value of the deals; however, area brokers familiar with both the Downtown office sector and the suburban markets tell GlobeSt.com the Peachtree Tower transaction is valued at about $30 million and the Chastain property at about $27 million.

Databank, a locally based real estate research house, estimates the Peachtree deal at $35 million and the Chastain sale at $28.5 million, according to a published report.

Locally based Carter & Associates has held an equity interest in both properties for several years. BellSouth’s decision to sell its interests in the two properties follows the company’s 1999 plan to consolidate its employee bases near three MARTA stations, the company previously announced.

The Peachtree Tower is across the street from BellSouth’s Campanile headquarters building. Chastain Center, which housed BellSouth’s customer operations and network units, is on Chastain Center Boulevard, near Town Center at Cobb.

The 71-year-old USAA owns or manages assets valued at $66 billion, according to its website. The company’s real estate arm, USAA Real Estate Co., which figured in the BellSouth deal, owns or manages assets valued at $3 billion.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.