News
ONE RAVINIA ON THE BLOCK
April 12, 2012
| This one isn't a maybe. This one is definitely for sale. This time in Central Perimeter. | ||
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| Hines Interests has tapped Eastdil Secured to market One Ravinia Drive (the one on the left looking longingly into the sunset as buildings are wont to do), the 387k SF, Class-A tower that's part of the landmark Ravinia campus Hines built back in the 1980s (what we wouldn't give for a Flux Capacitor from Back to the Future right now). We spoke with Hines' John Heagy about it, who tells us ?The timing is right in the market, given what we accomplished with the building." It certainly has had some recent leasing success, especially with Internap relocating its 60k SF HQ from Downtown to the 17-story tower last year. | ||
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| A recent pic of John. According to an Eastdil marketing email on the property, One Ravinia is 82% leased to such tenants as T-Mobile, SavaSeniorCare, and Davidson Hotel Co. And Eastdil notes there's leasing momentum, with Hines inking 96k SF in deals in the past year. While officials with Hines don't state how much they expect the building to trade for, the email says ?One Ravinia Drive will be acquired at a value well below today's replacement cost, estimated to be in excess of $275/SF, which will provide a competitive basis to the new ownership.? | ||
