Sources: Offers for King, Queen Due This Week
Regent Partners is poised to sell Concourse Corporate Center as it gathers its first round of offers by Friday. Sources tell us Regent and partner GEM Realty Capital have been marketing the 2.16M SF complex--including the iconic “King” and “Queen” towers--for some weeks, and are expecting initial offers to come in. The JV purchased Concourse back in 2012 in excess of $300M, a hefty sum for a Central Perimeter property back then. But what a difference three years make. Since then, with the help of State Farm and now with the sheen from winning the Mercedes-Benz US HQ, the submarket's office properties have tightened. As a result, values for Class-A offices are jumping, capped by Cousins Properties' recent purchase of Northpark Town Center for nearly $350M. To put it another way, Cousins paid more for an office park with nearly half the square footage of Concourse.