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Rubenstein's Value-Add Play Finds Sanctuary


Rubenstein Partners paid more than $165/SF for a major Alpharetta office campus that's being characterized as a value-add play.

The firm bought Sanctuary Park, the 1.6M SF home to LeasePlan, Ciena Corp and EY (née Ernest & Young), for $265M from JPMorgan. The deal includes enough land to accommodate an additional 750k SF of build-to-suit office space.

CBRE's Will Yowell, Justin Parsonnet and Jay O'Meara brokered the sale, and JLL's Jeff Bellamy and Adam Viente will continue leasing the project. While more than 95% leased at the moment, Rubenstein officials say they expect Verizon to vacate its space, dropping occupancy to 75%.