Lionstone Buys 271 17th St. From CBRE
The co-owners of Colony Square are jumping into another office-centric mixed-use project.
Houston-based Lionstone Investments has just closed on 271 17th St., the 542K SF, BB&T-anchored office tower in Atlantic Station. Lionstone purchased the tower from CBRE Global Investors for an undisclosed sum in a deal brokered by Eastdil Secured.
For Lionstone, 271 17th was a prime target for its investment fund, an office project centered within a highly amenitized location in a big city, Lionstone head of acquisitions Andrew Lusk said.
“For a number of years now, we've been focused on investing in assets that are in amenitized locations,” Lusk said. “When you put [271 17th St.] into the context of a broader Atlantic Station development and all the great walkable amenities ... it's a great building.”
This is Lionstone's second major urban holding in Atlanta in recent years. In 2015, it partnered with North American Properties and purchased Midtown's Colony Square mixed-use complex for $164.5M. The partnership is now undertaking a major renovation of that property.
CORRECTION, May 15, 12:45 P.M. ET: Lionstone Investments is based in Houston. A previous version of this story incorrectly identified its home city. The story has been updated.