Could Crocker Partners be beefing up in Central Perimeter? (We keep bumping into them at the gym lately.)
That's the rumor
du jour. Sources tell us Crocker is
buying Ashford Perimeter from C-III Capital for an undisclosed sum. (We heard it from a friend who heard it from a friend who heard from his cousin's brother-in-law.) We reached out to both Crocker and C-III, who haven't responded by deadline. The
288k SF office building— at the corner of Ashford-Dunwoody Road and I-285—is just
above 30% leased, according to Trepp, and is an
ideal value-add play(Behringer Harvard was the last owner of the property before it fell into special servicing). The building has
two $16M loans on it, Trepp notes.
Sources also say with Crocker as the new owner, the building may be in
play for the 100k SF State Farm requirement CBRE Global Investors has been scrambling to fit into Three Ravinia (above). We reported
here that CBRE was
attempting to negotiate with some existing tenants at Three Ravinia to possibly move out of the building and free up space for State Farm. The tower's largest tenant, Intercontinental Hotel Group, recently hired Cushman & Wakefield for a
possible HQ move to another Atlanta tower.
