Atlanta Office Asset Commands $58M

The seller, Lone Star Funds, had acquired the 18-story Class A property from U.S. Bank for $47.3 million in 2015.
Piedmont Center 14

The Ardent Cos. has acquired Piedmont Center 14, a 300,454-square-foot Class A office tower in Atlanta, for $58 million from Lone Star Funds. The seller had purchased the 18-story asset from U.S. Bank in December 2015 for $47.3 million, according to Yardi Matrix.

Located in Atlanta’s Buckhead submarket at 3535 Piedmont Road NE, the building is part of the Piedmont Center office park, which totals approximately 2.1 million square feet. The area is near a wide variety of retail and hotel properties, with public transportation links providing direct access to downtown, 8 miles south.

Piedmont Center 14 is 79 percent leased to a mix of tenants including MagMutual, Change Healthcare, Kenzie Lane and NCC Media. Tenant amenities include a fitness center, subterranean parking, Wi-Fi in common areas and a 100-seat auditorium.

An HFF team led by Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green acted on behalf of Lone Star in the transaction. Part of the same team represented Parmenter Realty Partners last August in its $96.5 million sale of a 348,000-square-foot office property located 4 miles south of Piedmont Center.

Image courtesy of Yardi Matrix