Atlanta office towers sell for $480m
Building & Land Technology has purchased a two-property portfolio in Atlanta from a joint venture between Regent Partners, GEM Realty and Farallon Capital Management. Real Capital Analytics estimates the sales price to be $480 million.
The two office towers, the “King” and “Queen,” are part of the more than 2 million-square-foot Concourse Corporate Center development. The larger office tower is the 697,400-square-foot Concourse VI, with an estimated sales price of $241.8 million. The second office property, Concourse V, totals 687,107 square feet with an estimated sales price of $238.2 million.
The sale follows several other high-profile developments selling in Atlanta, which include office tower The Pinnacle, located at 3455 Peachtree Road, which sold for $148 million, and One Buckhead Plaza, which sold for $157 million.
Thus far this quarter 16 office buildings in Atlanta have sold for $1.24 billion, according to RCA, whi