X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Santa Ana, CA-based Triple Net Properties LLC has acquired the 438,000-sf 200 Galleria class A office building for $81.5 million. The 20-story asset is within the 85-acre Galleria shopping and office complex.

200 Galleria is currently 83% leased to 55 tenants, including Buck Consultants, Mauldin & Jenkins and Mid-Atlantic Financial Services, Inc. Space rents in the building for $22 to $24 per sf. Triple Net Properties senior real estate analyst Steve Leathers tells GlobeSt.com that the property was acquired at below replacement cost. “This property has great visibility and it’s located in one of the submarkets of Atlanta that we feel is well positioned for a turnaround,” Leathers says.

The property is located at the intersection of Interstates 285 and 75, offers immediate access to US 41 and is in close proximity to Hartsfield International Airport. The property includes a seven-level parking facility with more than 2,500 spaces. It interior includes two, three-story atriums paved with matching granite, large area rugs and touch-screen directories.

Leathers says plans for the property are to spend $1 million in capital improvements and lease the vacant spaces. He adds that Triple Net plans to acquire more property in Atlanta, which is experiencing job growth three times the national average and a median income level that is 25% over the national average. “We’re bullish on Atlanta,” he says. “Over the next few years, we’ll see a city that is becoming a world city.”

The sellers, which were not named, were represented by Stewart Calhoun, of Cushman & Wakefield. Financing was provided by Lehman Brothers, arranged by Chris Dornin, of Buchanan Street Partners.

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?

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.