German Investor Buys Into Northside Drive Office Dream
Just as many in America finished unwrapping their gifts, a German investment fund was unwrapping a 220k SF present in Atlanta.
GLL Real Estate Partners purchased The Forum at West Paces, a 220k SF Class-A office building in Buckhead at 3290 Northside Parkway in the Piazza at Paces project, from Cousins Properties for $70M.
A GLL release gives its reasons for the purchase: "The infill location is surrounded by multimillion dollar executive homes, high end apartments, four of the region’s most exclusive private schools." CBRE brokered the sale.
For Cousins, The Forum was one of the Parkway Properties legacy assets picked up during last year's megamerger. As we previously reported, Parkway bought the long-struggling Forum in 2014 by buying a note secured by the nine-story office building for $47M from a special servicer. The Forum is now 96% leased.
Since the Parkway acquisition, Cousins has been selling select assets, including the 140k SF Lincoln Place in Miami for $80M and the iconic One Ninety One Peachtree Tower in Downtown Atlanta (above) to a JV of Banyan Street Capital and Oaktree Capital Management this past October for more than $260M.