Parkway Testing Sale Waters with Two Ravinia
Things are just sale crazy in Atlanta lately. Now Parkway Properties is stepping closer to a sale of Two Ravinia Plaza. Sources say the firm put the Central Perimeter pagoda-styled 408k SF tower on the market late last year, and is a week away from a first round of offers. Cushman & Wakefield is handling the sale but neither it nor Parkway returned calls seeking comment. Parkway could be seeking $75M for the tower, or $184/SF, according to a Commercial Real Estate Direct report. Parkway picked up the tower in 2011 as part of a $462M six-property package with Eola Capital.
It appears Parkway is taking a move out of Regent Partners' playbook—taking advantage of heightened demand for Central Perimeter real estate, which has become a corporate darling again with such big move-ins as State Farm and the US HQ for Mercedes-Benz. Sources say Regent is near selling the iconic Concourse Corporate Center campus to Building and Land Technology for upwards of $500M. And Parmenter Realty just bought the five-story 200 Ashford Center for an undisclosed sum from SDM Partners.
