Pinnacle, Two Live Oak Go to Brookdale
Eleven years after TIAA-CREF made headlines with its then-record-setting buy, the institutional fund has sold off Pinnacle and Two Live Oak in a package for something slightly above its 2004 acquisition price. The Brookdale Group purchased distinctive Pinnacle and adjacent Two Live Oak, which together encompass 711k SF, for $201M, or almost $283/SF. Back in 2004, TIAA-CREF bought the two towers from Cousins Properties for $200M. Pinnacle, on the other hand, has commanded an even stronger price this time around. According to investors familiar with the offering, The Pinnacle is estimated to have achieved more than $350/SF. Back then, it was widely reported that The Pinnacle sold for $343/SF, a record price at the time. Cushman & Wakefield's David Meline, Stewart Calhoun, Samir Idris and Casey Masters brokered the sale. DTZ's Glenn Kolker, Preston Menning and Sonia Winfield have been tapped to lease the properties.