| Bob Voyles—the man often credited for starting the last cycle'sdevelopment craze by spearheading 1180 Peachtree while at Hines —is taking another trophy asset to market. |
| Voyles' Seven Oaks Co, on behalf of its landlord client GE Asset Management, has put Riverwood 100—the 500k SF tower in Cumberland /Galleria submarket—on the block for an undisclosed asking price. Eastdil Secured has been tapped to market the property, but officials declined to comment. Seven Oaks, which did not return calls by press time, is the latest to test the investmentsales market, which has seen valuations improve with well-positioned assets since the crash. Sources tell us GEAM expects to achieve more than $175/SF for the asset—or more than $87M, half of its replacement cost. According to Seven Oaks' website, Riverwood 100 is 91% leased having ?completed 325k SF of new leases and lease extensions at rates 5% greater than market.? |
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