Lone Star Funds Buys Atlanta Office Asset
- Mar 18, 2020
An affiliate of Lone Star Funds has purchased 55 Allen Plaza, a 342,854-square-foot office building in Atlanta. According to Yardi Matrix data, the seller was Teachers’ Retirement System of the State of Illinois. The state pension fund had gained ownership of the Class A asset in 2015, following the foreclosure on Barry Real Estate Cos. JLL represented the seller and procured the buyer in the current deal. A JLL team also placed a five-year, floating-rate acquisition loan with NXT Capital on behalf of the borrower.
Completed in 2007 and renovated in 2018, the 14-story building is located at 55 Ivan Allen Jr. Blvd. NW within the city’s Innovation Corridor. Featuring 28,000-square-foot floorplates, 55 Allen Plaza includes various amenities such as a 5,000-square-foot fitness center, conference center, café and innovation lab. Ernst and Young anchors the LEED Gold-certified property, winner of two TOBY awards. Skanska and Surterra Holdings are also on the tenant roster, among others.
Easily accessible via public transport, the 2-acre property is near the Downtown Connector, just south of Georgia Tech and Tech Square. A nearby MARTA station allows direct access to Hartsfield-Jackson International Airport. The surrounding area abounds in shopping, dining and entertainment venues.
JLL Senior Managing Directors Richard Reid and Ryan Clutter, along with Managing Directors Ralph Smalley and Huston Green, led the Capital Markets team assisting the seller in the disposition. Reid was also instrumental in the $503 million transaction involving two office towers in Atlanta’s Buckhead. Senior Managing Director Ed Coco and Director Matt Casey oversaw the debt placement team.