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ATLANTA-Seeing a Downtown development niche near the planned Georgia Aquarium and the World of Coca-Cola Museum, locally based Legacy Property Group beat out a field of bidders for the vacant, 80-year-old, 10-story Glenn Building at 120 Marietta St., according to the Atlanta-Fulton County Recreation Authority.

Legacy paid $2.8 million, or $49.91 per sf, for the 56,100-sf property which will be renamed and converted to a 120-room hotel. Legacy also developed the nearby Embassy Suites Hotel. The Authority bought the building in 1997 from the Federal Reserve.

Kris J. Cooper, a senior director in the local office of Cushman & Wakefield of Georgia Inc., and associate director Margaret K. Caldwell handled the transaction.

The Glenn Building made local headlines in 2000 when Turner Properties announced plans for a major office expansion next to the Glenn. Turner sought to have Easements Atlanta give up its easement or have the easement condemned by the city, according to the Buildings Worth Saving Committee of the Atlanta Preservation Center. Brokers tell GlobeSt.com that lifting the easement would have allowed broadcasting mogul Ted Turner to landscape the area and present a more appealing pedestrian plaza area in front of the planned Turner Tower. The Glenn Building has been on the committee’s List of Endangered Buildings since 2001.

Turner Properties is an adviser to the Recreation Authority and has been looking after the Glenn Building for several years. The limestone-faced structure was renovated in 1988 and again in 1998 after the city and the Authority bought the property from the Federal Reserve.

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