Starwood, Core Capital Buying Tower Place 100?
Greenwich-based Starwood Capital Group looks to be the one picking up Tower Place 100. Sources say Starwood—whose biggest claim to local fame was the 2009 purchase and repositioning of the troubled Corus Bank loans here in Atlanta through ST Residential—has put the 29-story Buckhead tower outlined in neon green under contract. The sale also includes Tower Walk, the 163k SF retail center that's part of the mixed-use complex. Sales price wasn't disclosed as of press time, but we previously reported experts predicted the sale to fetch somewhere around $190M. Deutsche Asset & Wealth Management tapped Eastdil Secured earlier this year to market the 614k SF tower and its retail component. Officials with Eastdil and Starwood did not return calls seeking comment.
But well-known commercial real estate newsmaker The Wilbert Group's Tony Wilbert says Starwood Capital isn't the only investor in the Tower Place 100 stack. The group is in an unspecified JV with Atlanta-based Core Property Capital—a group led by commercial real estate vet Tom Lund. Core is better known for its retail and hospitality transactions and holdings, Tony reports. While it's unclear how the division of ownership will shake out, there could be a clear value-add incentive to Tower Walk (home to AMC's Fork & Screen theater). As Real Estate Alert previously reported, the retail component could be converted to multifamily.