Atlanta Office Property Trades for $120M
- Jun 14, 2019
After recently selling a portfolio for $71.1 million in Denver, Investcorp has sold the 646,471-square-foot Paces West office asset in Atlanta. Farallon Capital Management and Crocker Partners acquired the former headquarters of The Home Depot for $120 million, according to the Atlanta Business Chronicle. The new owners intend to invest in renovations for the property’s common-areas and amenities.
Located at Paces Ferry Road S.E. in the metro’s Cumberland/Galleria submarket, the asset is close to both residential communities and hotels, while being 11 miles north of Downtown Atlanta and roughly 20 miles from Hartsfield-Jackson International Airport. The property comprises two 18-story towers connected by a pedestrian bridge and includes 4,000 square feet of retail space. The tenant roster includes the local office of Piedmont Healthcare, OM Partners and the coworking company Regus. At the time of sale, Paces West was 93.9 percent leased, per Yardi Matrix data.
Executive Vice Presidents Jay O’Meara and Justin Parsonnet, together with Vice Chairman Will Yowell and Senior Associate Ryan Reethof from CBRE worked on behalf of the seller. Senior Vice President Jonathan Rice and Vice President C.J. Kelly from the company’s debt & structured finance department arranged for acquisition loan.