Downtown Atlanta Office Asset Commands $50M
- Jan 05, 2018
CBRE’s Institutional Properties team has completed the sale of Live Oak Square, a 10-story office building totaling 200,000 square feet of Class A space in Atlanta’s Buckhead submarket. ATPS Realty Partners purchased the asset in a $50.1 million deal from HighBrook, public records show.
Principal Real Estate Investors provided $42.4 million in acquisition financing to facilitate the deal. The short-term mortgage is set to mature in January 2020. The new ownership is a joint venture between Atlanta-based Anchor Capital and Sage Equities of Israel.
Located at 3475 Lenox Road NE, Live Oak Square was completed in 1983 and recently underwent a renovation program that included a modernized lobby, upgraded common areas, as well as the rebranding of the property. The improvements helped secure several new tenants including Merchant E-Solutions and MRI Software. The building was 74 percent leased at the time of sale, with 33,000 square feet of contiguous availability on the top two floors.
The CBRE team of Executive Vice President Justin Parsonnet, Senior Vice President Jay O’Meara, Vice Chairman Will Yowell and Senior Associate Ryan Reethof represented the seller in the transaction.
“Emphasizing Live Oak Square’s irreplaceable location, nearly $6 million repositioning program, and leveraging CBRE’s global capital reach, we were able to develop deep and diverse investor interest for this offering, including several foreign investment groups,” said Parsonnet in a prepared statement.
Live Oak Square is within walking distance of Buckhead’s dining options, luxury shopping venues and two MARTA rail stations. Surrounded by a live-work-play environment, the location benefits from strong leasing fundamentals and an evolving tenant base.
Image courtesy of CBRE