ATLANTA-Tishman Speyer has sold Two AllianceCenter, a 30-story office tower in Atlanta’s Buckhead submarketthat it had developed and leased up, for $152.3 million, or $310per square foot. The company did not say who purchased the491,888-square-foot asset; Real Capital Analytics data identifiesthe buyer as Highwoods Properties.
Two Alliance was completed in 2009, amid the industrywide slumpthat hit Atlanta especially hard. Nonetheless, Tishman Speyerbrought it up to 92% occupancy within three years; that compares toa citywide vacancy rate that's currently about 16%.
Located at 3560 Lenox Rd., the office tower was reportedly thefirst in the Buckhead district to receive the US Green BuildingCouncil’s LEED Gold designation. Tishman Speyer began marketing theproperty this past spring, according to published reports.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
