The Internet Security Services building is about to become owned by a longtime tenant. Just briefly though.
IBM is under contract to buy 6303 Barfield Rd, the 289k SF office building popularly known as the Internet Security Systems building. IBM plans a simultaneous close with an unidentified investor, and in turn, will enter into a long-term lease for its space there, sources tell us. It's unclear as of press time who will ultimately own the office building. IBM purchased Internet Security Systems,which was founded in 1994 in Sandy Springs by former Georgia Tech grad Chris Klaus (above), in a $1.3B deal in 2006.
The building, which is at the intersection of Barfield and Mt Vernon Road in Sandy Springs, is under control of the special servicer C-III Asset Management. The building's $45.2M CMBS loan—with nearly $38M left in balance—matures on the 12th of this month, according to Trepp. When IBM downsized to using only 83% of the building in 2013, its loan was transferred to C-III due to “imminent default,” Trepp officials state in documents. “The property was marketed for sale, an offer has been accepted, and a purchase and sale agreement has been executed with a projected close of 10/30/15,” Trepp notes.
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