German Investor Buys Into Northside Drive Office Dream
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Just as many in America finished unwrapping their gifts, a German investment fund was unwrapping a 220k SF present in Atlanta.
GLL Real Estate Partners purchased The Forum at West Paces, a 220k SF Class-A office building in Buckhead at 3290 Northside Parkway in the Piazza at Paces project, from Cousins Properties for $70M.
A GLL release gives its reasons for the purchase: "The infill location is surrounded by multimillion dollar executive homes, high end apartments, four of the region’s most exclusive private schools." CBRE brokered the sale.
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For Cousins, The Forum was one of the Parkway Properties legacy assets picked up during last year's megamerger. As we previously reported, Parkway bought the long-struggling Forum in 2014 by buying a note secured by the nine-story office building for $47M from a special servicer. The Forum is now 96% leased.
Since the Parkway acquisition, Cousins has been selling select assets, including the 140k SF Lincoln Place in Miami for $80M and the iconic One Ninety One Peachtree Tower in Downtown Atlanta (above) to a JV of Banyan Street Capital and Oaktree Capital Management this past October for more than $260M.