IN-DEPTH LOOK: Highwoods Properties adds One Alliance Center in Atlanta to portfolio

Raleigh, N.C.–based real estate investment trust Highwoods Properties has acquired One Alliance Center in Atlanta for $140 million, according to a statement. The deal closed June 24. Here is a closer look at the transaction.

THE DEAL

Highwoods Properties purchased the office building from mortgage servicer ORIX Capital Markets (OCM), a Dallas-based firm. One Alliance Center was purchased for $140.1 million, roughly $253 per square foot. Highwoods Properties has planned an additional $3.3 million in improvements to the property, bringing its total investment to $143.4 million. OCM obtained ownership of the property from Tishman Speyer via foreclosure in March 2013. Highwoods Properties did not assume any debt in the purchase. CBR