CBRE Arranges Sale of Historic Biltmore in Atlanta
- Oct 12, 2016
by Evelina Croitoru
Atlanta—CBRE has announced the sale of the historic Biltmore building to locally based Georgia Tech Foundation. The seller, an affiliate of Novare Group, was represented in the transaction by Jay O’Meara, Will Yowell and Justin Parsonnet with CBRE. At the time of sale, the property was 96 percent occupied.
Located on West Peachtree Street in Midtown Atlanta, the 13-story, mixed-use building features approximately 290,000 square feet of Class A office space. The property is within walking distance of 500,000 square feet of retail, 5,500 residential units and more than 30 restaurants.
The purchase of The Biltmore was mainly due to the fact that the building is an extension of Georgia Tech. The tower is also adjacent to Technology Square, a renowned innovation center anchored by the university. With more than 65,000 jobs within a 1.2 square mile radius, the newly-acquired property is situated at the heart of more than $1 billion in development activity.
“CBRE recently released a report ranking the top tech talent markets and Atlanta came in as a top 10 market, due in large part to Georgia Tech and the momentum in the surrounding blocks. The acquisition of a historic and attractive property such as The Biltmore will be a good fit,” Jay O’Meara, senior VP of CBRE, said in prepared remarks.
According to Yardi Matrix data, the property is subject to a $36 million loan through Citigroup Commercial Mortgage Trust, due in 2024.
Image Courtesy of YardiMatrix