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The Inside Scoop on the People & Places that Shape Atlanta Real Estate
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Georgia-Pacific Center Back on the Market?
One of the tallest buildings in downtown Atlanta, the Georgia-Pacific Center on Peachtree Street.
There is speculation circulating
across town that the Georgia-Pacific Center could be going back on the market
soon. If true, this would easily be one of the top stories of 2009
for Atlanta's commercial real estate community.
The 53-story, 1.12 million-square-foot,
Class A building in the heart of downtown Atlanta was marketed by Eastdil
Secured in the Fall of 2007. However, it never attracted a buyer due to the freeze in the capital markets. The Rooster has learned from
several of Atlanta's prominent brokers the building could be headed back on the market.
Owned by both Koch Industries,
Inc. and MetLife Corp., Georgia-Pacific Center is one of the four tallest
buildings in Atlanta and one of the most prominent landmarks in the
Southeast. Of the building's 1.12 million square feet, over 75% of
the available space is leased by Georgia-Pacific.
According to one of the Rooster's
sources who was close to all parties involved in the potential sale
two years ago, he was surprised to hear the asset might go back on the
market given current capital market conditions. He admits though that
both ownership parties still want to sell the prized asset but understand
they won't be getting anything close to what they would have received
two years ago.
Despite the murky state of the capital markets, this deal may very well attract a bevy of hungry investors looking for sale-leaseback opportunities with a significant lease term and strong credit, both attributes of this trophy asset.
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Why Did the Rooster Cross the Border?
Panelists discuss the current state of capital markets.
The Rooster traveled to the Windy City last week to get a pulse on the national market at the NAIOP Development '09 Annual Meeting for Commercial Real Estate. A panel of lenders including Bank of America and MetLife spoke candidly about their confidence that liquidity will come back in the market.
Debbie Koenig (NAIOP Georgia Chapter), Jeannette Myers (VeenendaalCave), Brian Hogg (Portman Management Company), Lisa Dunavin (Cushman & Wakefield)
A few other notable Atlanta professionals in attendance included Chris Riley and Frank Fallon of CB Richard Ellis, Stewart Calhoun and David Meline of Cushman and Wakefield, Greg Thurman of Panattoni Development and Greg Walz of Northwestern Mutual.
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