An Atlanta father-and-son real estate duo have picked up a big chunk of Cumberland/Galleria office. (And you thought golfing with your dad was good enough.)
Scott & Associates'
Hugh Scott Jr. and
Hugh Scott III (here with SK Commercial Realty's
Tom Parker) broke the news that they have purchased Circle 75 Office Park
for $45M from B.F. Saul Co. The three-building complex—encompassing
some 710k SF—is a big catch for the Scotts (who also are partners with SK Commercial Realty). "Once we identified this property
we jumped. Having the ability to move fast in this environment is
the name of the game," Hugh III says. Lee & Associates'
Mark Hollan brokered the sale.
We caught up with the Scotts during
Choate Construction's Cars & Q For The Cause event last Thursday, just hours after they closed on the deal. Hugh (Jr) says they are
capturing a big presence in the Cumberland/Galleria office market that—while having lagged coming out of the recovery—is now seeing "
significantly" more activity as office space runs out in other big Atlanta submarkets. "The tenant activity in the Northwest Market has
doubled in the past 12 months," Tom says.
