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Hines and Invesco have gotten approval to sell the two-building office campus they developed and leased to Microsoft in Atlantic Station to a division of private equity firm KKR.
The Development Authority of Fulton County gave the green light to Global Atlantic Financial Group, a life insurance and retirement company owned by KKR, to buy Atlantic Yards, the two-building, 523K SF office campus fully occupied by the Redmond, Washington-based tech titan.
The DAFC's approval was necessary to facilitate the sale because it issued bonds that helped finance the buildings' construction. CoStar first reported the pending sale.
A purchase price wasn't disclosed in the DAFC meeting, but Eastdil Secured, which was tapped earlier this year to market Atlantic Yards, estimated that it could sell for nearly $500M, or some $950 per SF, a high-water mark in Metro Atlanta office transactions, CoStar reported.
The sale is expected to close in the third quarter, according to DAFC documents.
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