CBRE Buys AT&T Midtown Center for $260M
CBRE Global Investors continues to be busy buying up prime Atlanta office. The investment arm of CBRE has just purchased AT&T Midtown Center, the two-building, 800k SF complex sandwiched between Peachtree and West Peachtree streets in Midtown for $260M, or more than $320/SF, according to Commercial Real Estate Direct. The seller was a JV between VEREIT and Macfarlan Capital Partners, which purchased the properties in 2013 for $225M. This week's sale results in a 5.6% cap, according to reports. The deal also means CBRE Global assumes a $124.3M securitized interest-only loan that matures in 2043.
CBRE Global has been busy since selling its stake in the high-profile Atlantic Station transaction earlier this year. As we reported this week, the firm also is under contract to buy 7000 Central Park, a 415k SF tower in Central Perimeter for $85.3M from Parkway Properties in a deal that sees Parkway exiting the luxe suburban Atlanta office market. [CRED]
