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Transactions - DECEMBER 21, 2016

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Sumitomo enters Atlanta office market

by Andrea Waitrovich

Sumitomo Corporation of Americas has closed on its purchase of the Atlanta Financial Center, which consists of three class A commercial office buildings. With a total of 914,774 square feet, Atlanta Financial Center is the largest property that SCOA has purchased to date.

SCOA has a long history in real estate investment and development in the Atlanta metropolitan region, but the acquisition of the Atlanta Financial Center is its first commercial office building investment in Atlanta.

The property currently has an 85 percent occupancy level across its three towers and a nine-level parking garage with 2,335 parking spaces. Tenants include Suntrust Bank and Morris, Manning and Martin.

SCOA plans to implement renovations that will create a more energy efficient property and raise its profile to the top of the building’s class A set.

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