Rubenstein Partners acquires Atlanta office park for $265m
Rubenstein Partners, with a minority equity partner, has acquired Sanctuary Park, a 1.6 million-square-foot office campus in the North Fulton submarket of Atlanta for $265 million. J.P. Morgan placed Sanctuary Park up for sale earlier this year.
The Sanctuary Park property has been institutionally owned, developed and maintained for nearly 20 years. The class A office property comprises nine mid-rise buildings within a 152-acre, master-planned environment and also offers three zoned development sites that could accommodate an additional 750,000 square feet of build-to-suit office space.
The property is currently 96 percent leased, with tenants including Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp. and LeasePlan. However, Verizon Wireless plans to end its lease within the building, lowering the occupancy to approximately 75 percent.
Rubenstein has been an active investor in the Atlanta market. During the second quarter,