Columbia Property Trust Sells Glenlake Towers
Columbia Property Trust is making good on its effort to exit the Atlanta office market.
An affiliate of Starwood Capital purchased Glenlake, a two-building, Class-A campus in Central Perimeter that is home to the headquarters of Arby's parent company, for $227.5M, or nearly $320/SF. The two buildings total 711K SF and are just down the road from Mercedes-Benz's new North American headquarters off Abernathy Road.
CBRE Vice Chairman Will Yowell, along with Justin Parsonnet, Jay O'Meara and Ryan Reethof, brokered the deal for CXP.
In February, CXP announced that it had its final three Atlanta assets on the market for sale. Aside from One and Three Glenlake Parkway, the other asset the publicly traded real estate investment trust is marketing is Lindbergh Center in Buckhead, where AT&T is its largest occupant. It was unclear as of press time whether Lindbergh Center was sold or remains up for sale.
CXP was long based in Atlanta, but quietly moved its headquarters and executive team up to New York in recent years. It has shifted its real estate investment activity to Gateway cities in the U.S., mainly New York, San Francisco and Washington, D.C.
CXP sold off the Glenlake properties after renovations generated rent growth and more than 500K SF of leases, including with Inspire Brands, the headquarters of Cotiviti and major offices for Oracle, Comcast and Regus' Spaces coworking concept, Parsonnet said in a release.
