News
FIVE POINTS PLAZA FOR SALE
January 11, 2011
| Another Downtown Atlanta landmark is testing the investment waters. | |
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| Five Points Plaza hit the market with Transwestern's Kevin Markwordt and Jon Kleinberg. The 123K SF, Class-B tower is the second downtown landmark to be put up for sale this year. (Yesterday, we reported that the Flatiron Building is being marketed for sale by City Realty's Tim Holdroyd.) Five Points Plaza at 40 Marietta St is owned by LNR, which foreclosed on the tower in 2009 from Richard Bowers. It's 100% leased to the Atlanta HUD offices through 2019. Kevin says this will be a prime investment for a buyer seeking cash flow. Despite the nature of a GSA lease (ability for tenant to terminate after certain dates prior to lease expiration), many investors still prefer the stability of a government entity as a tenant. It's also located next to two major telecom hubs, which offer analternative strategy for an owner, being in the nexus of fiber in Atlanta, Kevin says. | |
