King & Queen Sale Breaks ATL Records
Not only is it iconic on Atlanta's skyline, but now Concourse Corporate Center has another distinction: the biggest sales price in Atlanta's history.
Building and Land Technology has closed on the 2.2M SF Central Perimeter office campus—complete with the iconic King and Queen towers—for $489M, the highest net price ever paid for office in Atlanta. The deal comes in at $222/SF. Sources told us the price. BLT did not disclose those details. The price eclipses Bank of America Plaza's price tag—$436M—back in 2006 when BentleyForbes purchased the Midtown tower from Cousins Properties. That story did not end well for BentleyForbes, which lost the tower to foreclosure amid the Great Recession.
Eastdil Secured gets the credit for the mega sale, but officials did not return calls. The deal is a major win for Regent Partners' David Allman, who made the then-stunning purchase of Concourse Corporate Center for $300M back in 2012. What a difference three years make. And even though the tower traded for record pricing, and is in excess of 90% leased, officials say there is still value to be added. BLT, for its part, plans to update the lobbies, public spaces and restrooms, while also finishing spec suites. “We are attracted by the supply-demand dynamics of the submarket, as well as the opportunity for new development with uses that complement Class-A office space,” says BLT CEO Carl Kuehner (here).
David (here) says his firm will continue to manage and lease Concourse for BLT. And Regent will also continue to work on developing the pad site for the new owner.