Goddard Grabs 440 KSF Class A Office Building in Atlanta
- Oct 31, 2013
Overlook III, a 440,000-square-foot office property in Atlanta, is now under the ownership of Goddard Investment Group L.L.C. Acting through the Goddard Value-Add Office Fund I L.P., Goddard purchased the Class A asset, perched atop Mount Wilkinson in Atlanta’s historic Vinings neighborhood, from a Parmenter Realty Partners fund. Parties involved in the transaction are keeping their lips sealed regarding the acquisition cost.
Overlook III last changed hands at the height of the real estate market in 2007, when Parmenter acquired it for $81.6 million from for Lincoln Property Co., which had purchased the office tower from National Office Partners in 2004 for $56.5 million.
Today, the 21-story tower at 2859 Paces Ferry Rd. in the Northwest submarket is 70 percent occupied. Goddard will renovate and reposition the 27-year-old property and present it anew to the recovering Atlanta office market. The timing may be just right.
“Due to the narrowing availabilities in Buckhead and Central Perimeter, demand could very well funnel to the companion submarkets of Midtown and Northwest, respectively,” according to a third quarter report by commercial real estate services firm Jones Lang LaSalle.