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News and Notes on Atlanta Commercial Real Estate
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Eola Capital Poised to Gain Control of Peachtree Center
A Downtown Atlanta icon, America's Capital Partners' Peachtree Center.
In a stunning transaction that would impact Atlanta's major office submarkets, Eola Capital is negotiating to gain control of America's Capital Partners' holdings in the city and elsewhere.
If a deal is struck, Orlando-based Eola Capital would gain control of several high-profile office buildings
in Atlanta, including the six-pack at Peachtree Center, 10 Tenth Street
(formerly known as Millennium in Midtown) and Piedmont 14 in Buckhead.
Eola Capital would manage and lease the properties.
Based
in Miami, America's Capital Partners is a private real estate
investment firm that focuses on assets along the Eastern Seaboard. It
bought several properties at the height of the market and has been
stung by high debt levels and falling property values.
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Colonial Taps CBRE to Lease High-Profile Buildings
The Ravinia office complex at the intersection of I-285 and Ashford-Dunwoody Road.
Expect to see more CB Richard Ellis signs outside high-profile buildings in the Midtown and Central Perimeter submarkets soon. Colonial Properties Trust has tapped CBRE's project leasing team of Chris Port and Jeff Keppen to market some of its office portfolio. As part of the assignment, Port and Keppen will be responsible for leasing Three Ravinia Drive near Ashford-Dunwoody Road and I-285 and Atlantic Center Plaza at 14th and West Peachtree streets. The buildings currently are marketed by expert landlord rep Kay Younglove, who's in-house at Colonial. Younglove has been a mainstay at 14th & West Peachtree, where she also leased One Atlantic Center for years. The assignment is not expected to include Colonial Center at Mansell Overlook in the North Fulton submarket. Real Estate Rooster asked Colonial Executive Vice President Bo Jackson, who
oversees the REIT's office portfolio, for comment. Jackson said he
could not say much at this time but promised to fill us in with more
information "in the not too distant future."
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NCR Finalizes HQ Deal at Satellite Place
700 Satellite Boulevard of Satellite Place, a master-planned office complex in the Northeast submarket.
It's official: NCR Corp.'s new international headquarters will be at Satellite Place in Duluth.
NCR, the No. 1 maker of ATMs and a big producer of self-checkout machines, signed a lease for most of Satellite Place 700. The lease officially commences Jan. 1.
NCR already has begun conducting job interviews in the building and will start building temporary workspaces there later this month, NCR spokesman Peter Tulupman said.
NCR is believed to have signed a 10-year lease for 120,000 square feet with Crescent Partners, owner of Satellite Place 700. Sara Smith and John Bell represented Crescent in the lease. Smith sid she could not comment on the transaction. John Ferguson, John Shlesinger and their team at CB Richard Ellis represented NCR.
NCR chose Satellite Place because it already has a presence in the complex, Tulupman said. "The combination of the two locations will enable NCR to operate it as one campus," he said.
In
June, NCR announced it would move its headquarters from Dayton, Ohio,
to suburban Atlanta. The company also said it would build an ATM
manufacturing plant in Columbus that will employ hundreds.
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Bowers Brokers Lenox Park Building Sale Former American Cancer Society South Atlantic Division location at 2200 Lake Boulevard in Buckhead.
It took a little while, but the American
Cancer Society's South Atlantic Division has sold its Lenox Park building
in the Buckhead submarket. The American College of Rheumatology paid
$5.6 million - or $160 per foot - for the 35,000-square-foot building
at 2200 Lake Blvd., according to Richard Bowers & Co. Bowers CEO
Richard Bowers and tenant-rep Paul Mendel represented the seller in
the transaction.
Kevin Darby of Frank M. Darby Co. represented
American College of Rheumatology in its purchase of the property, originally
developed as a build-to-suit for the Cancer Society's South Atlantic
Division.
American College of Rheumatology will
relocate to Lenox Park from 1800 Century Place. For the ACS South Atlantic
Division, the building at 2200 Lake became extraneous when it moved
to the former Inforum - now American Cancer Society Center -
about two years ago.
"We
knew we were in for a lengthy process when we put the property on the
market," said David C. Lawrence, senior vice president of Human Resources
and Real Estate for ACS' South Atlantic Division. "Richard [Bowers]
worked incredibly hard and found a great match for the property in the
American College of Rheumatology. We are most pleased with the way the
sale worked out and are equally pleased to have relocated downtown where
we feel our access and exposure to new markets will improve."
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