ATLANTA-Philadelphia-based BPG Properties Ltd has acquired 7000 Central Park, a 415,324-sf class A office building near the interchange of GA 400 and Interstate 285. The acquisition price was not released, but area brokers estimate that it in excess of $60 million.

The seller was a joint venture between the Philadelphia-based Rubenstein Co. LP and locally based Barry Real Estate Cos. The acquisition was made on behalf of BPG Investment Partnership VII LP, a private equity fund with equity commitments of $550 million.

Stewart Calhoun and David Meline, of Cushman & Wakefield’s capital markets group acted as the brokers. BPG senior vice president Roy Perry and vice president George Haines handled the transaction for BPG.

The 18-story building, located in the city’s Central Perimeter area, is 82% leased. “Few buildings in the Central Perimeter submarket offer comparable access, quality amenities, views and name recognition,” Perry says. “Having purchased over two million sf of office and flex product in Atlanta over the past six months is a testament to our confidence in the fundamentals of this regional economy.”

Tom Miller, Alex Cobble and Justin Cimino, of CB Richard Ellis, have been named exclusive leasing agents for the property. BPG Property Management Co. LP will be responsible for the property management.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.