Zeller Realty Snags Atlanta Office Tower
- Jan 05, 2018
HFF has brokered the sale of Resurgens Plaza, a Class A office tower encompassing 402,929 square feet in the Buckhead submarket of Atlanta. The company also secured $79.4 million in acquisition financing on behalf of the buyer, according to public records.
Lone Star Funds sold the asset to a partnership between Zeller Realty Group and Partners Group. The HFF team arranged the floating-rate mortgage through ACORE Capital, with the loan scheduled to mature in December 2022.
Located at 945 E. Paces Ferry Road NE, the building occupies a full city block between Lenox and Roxboro Roads. Resurgens Plaza was completed in 1988 and underwent a series of renovations in 2013. The LEED Gold-certified and ENERGY STAR-rated property features a two-story lobby, fitness facility, conference center, the Gold Line Bistro and a 10-level, 940-space underground parking garage. Resurgens Plaza is 77 percent leased and anchored by RSUI’s headquarters and Atlantic Capital Bank.
The HFF debt placement team representing the borrower included Senior Managing Director Ed Coco, Associate Matt Casey and Analyst Libby Malloy.
“With direct access to MARTA’s Lenox Station, Resurgens Plaza is well-positioned to benefit from the more widespread adoption of public transportation spurred by job growth and transit-oriented development across the city,” Coco said in prepared remarks. “As a follow-up to the acquisition of 100 Peachtree earlier this year, Zeller Realty Group and Partners Group have once again focused on the continued urbanization of Atlanta and the desire amongst employers to make public transportation conveniently available to their employee base.”
This office property is located near Lenox Square, Phipps Plaza, Georgia State Route 400 and Interstate 85. Situated at Lenox Station, approximately six miles from downtown Atlanta, Resurgens Plaza is the only building in Atlanta with direct covered access to MARTA, providing connectivity to the Hartsfield-Jackson Atlanta International Airport, residences in Brookhaven and Chamblee and the Midtown and Downtown business communities.
Image courtesy of Yardi Matrix