Twelve24 Sells For Nearly $200M
Office Properties Income Trust, a real estate investment trust based in Newton, Massachusetts, purchased Twelve24, a 346K SF office tower next to the new State Farm campus off Hammond Drive, for $195M, according to a press release.
Trammell Crow and CBRE Global Investors developed the 16-story tower, which is almost entirely leased to the staffing company Insight Global with more than a decade left on the term. The DeKalb County Tax Commissioner's website lists the previous owner as the Dunwoody Development Authority.
One of the newest office towers to deliver in Central Perimeter, Twelve24 is directly connected to the Dunwoody MARTA Station. Twelve24 was part of a two-building purchase OPI made, partially funded by $350M in its credit facility, the company said in a release. The firm also purchased 1K Fulton, a 531K SF tower in Chicago leased mainly to Google for its Midwest headquarters for $355M.
“These two Class-A office properties squarely fit our objective of owning, operating and leasing properties that are primarily leased on a long term basis to tenants with high credit quality characteristics,” OPI President Chris Bilotto said in the release.