New York Life Acquires Atlanta Office Tower for $166M
- Jan 15, 2019
On behalf of a joint venture between New York Life Insurance Co. and Ilmarinen Mutual Pension Insurance Co., New York Life Real Estate Investors has acquired Prominence in Buckhead, a Class A office building in Atlanta. This marks the eighth acquisition for the partners since formed in June of 2017. According to Yardi Matrix, Crocker Partners sold the property for $166 million.
Located at 3475 Piedmont Road N.E., the 19-story Prominence in Buckhead was constructed in 1999 and comprises 433,000 square feet. According to Tom Delaney, senior director of Asset Management in NYLREI’s Atlanta office, the new owners will implement a capital improvements plan to upgrade the lobby, amenities and common areas to create a more modern workplace. Currently, the asset offers deck parking with electric vehicle charging stations, onsite security, a fitness center, a restaurant called Market Street Cafe and an on-site car care center. The building is also in close proximity to the Buckhead MARTA station and provides views of the landscaped site and downtown Atlanta skyline. According to Yardi Matrix, current tenants include Waypoint Residential, ICON, GE Capital, Silicon Valley Bank, Prologis, Wells Fargo and more.
“We are pleased to acquire such a high-quality office asset in Buckhead on behalf of the joint venture with NYL and Ilmarinen. The property benefits from superior accessibility, and the design characteristics of the building and parking garage are ideal for tenants in the market,” said Scott Ingham, senior director of Acquisitions in NYLREI’s New York office, in prepared remarks.
Last October, Crocker Partners acquired Northpoint Center for $54.8 million, a Class A office asset in Lake Mary, Fla.
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