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 partnership since formed in June of 2017.
The sales price was not disclosed; however, it is estimated to be $166 million.
The 19-story Prominence in Buckhead was constructed in 1999 and comprises 433,000 square feet.
The Atlanta economy continued to expand through the fourth quarter of 2018 and gained 59,800 jobs, up 2.2 percent year-over-year compared to 1.1 percent nationwide. Atlanta’s unemployment rate fell below the national average in 2018, dropping from 4.3 percent in the fourth quarter of 2017 to 3.4 percent in the fourth quarter of 2018. The national unemployment rate was 3.7 percent, according to preliminary fourth-quarter data.
A strong economy has enabled the Atlanta office market to
