Wells REIT II Snags Another AT&T Building in Atlanta
- Jul 02, 2008
Wells Real Estate Investment Trust II has acquired Lindbergh Center, a groundbreaking, transit-oriented development in Atlanta’s Buckhead area, in a sale-leaseback from AT&T. Terms of the acquisition were not announced. The deal is Wells REIT II’s second acquisition from AT&T in Buckhead in as many months. This spring the REIT acquired five buildings at nearby Lenox Park from the telecommunications giant. Lindbergh Center (pictured) includes twin 14-story, Class-A office buildings connected by a four-story atrium, totaling 955,000 square feet. It is located at Piedmont Rd. and Lindbergh Dr., adjacent to the Lindbergh station, a transfer point and the second-busiest station on MARTA, Atlanta’s rapid rail system. Built in 2002, Lindbergh Center was designed to position AT&T (then BellSouth) employees in progressive, accessible new developments adjacent to MARTA rail stations. “We have a great relationship with AT&T,” Keith Willby, senior vice president, acquisitions, Wells Real Estate Funds told CPN today. “We acquired a very attractive five-building office campus from them, close by in Atlanta, earlier this spring, and their company is also a tenant in several Wells properties nationwide. That relationship helped us forge a deal that really worked for both sides.” In a prior statement, Wilby said, “This property has proven to be ahead of its time. They had the vision to locate by accessible mass transit–and with soaring gas prices and increasing sensitivity to the environment, properties like this are now extremely desirable.” Lindbergh Center is part of Lindbergh City Center, a 47-acre mixed-use development. The award-winning, transit-oriented development has become a model for transit systems throughout the nation. The property is in proximity to Interstate 85 and Georgia 400. AT&T Services Inc. will continue to occupy 100 percent of the property under a new lease from Wells through 2020. The property was marketed by CB Richard Ellis Inc. CPN has reported on a number of deals in Atlanta in the past week, including Grubb & Ellis Realty Investors’ acquisition 3100 River Exchange, a 220-unit residential complex; Silver-McCann Apartment Group II’s acquisition of Villas at South Point Apartments in Atlanta; and a $50 million redevelopment of the 28-story hotel into the new W Atlanta-Midtown.