Tishman Speyer Puts Buckhead Trophy On The Market
Tishman Speyer is testing the investment community's appetite for Buckhead trophy assets: its freshly delivered Three Alliance Center is up for sale.
The developer of the 30-story tower tapped CBRE to market the property for an undisclosed sum. Tishman Speyer officials declined to comment. But a recent story in the Atlanta Business Chronicle reports the sales price could top $500/SF.
During its development, Three Alliance Center lured a number of companies, including Global Payments, Aon, State Street Bank, Mass Mutual and even the Atlanta offices of CBRE. With more than 375K SF in deals, the 500K SF building is 75% leased, according to CBRE marketing materials.
“The investment opportunity also presents near-term value creation through the final leasing of the world-class asset at market-leading rental rates with incredible leasing momentum,” CBRE officials wrote in an email to prospective investors, obtained by Bisnow.
Tishman Speyer is already achieving the highest rents in Buckhead at $32/SF after expenses and other charges, known as triple net, and has seen rents rise 10% since the tower's completion.
