News
Parkway Buys Two Ravinia; The Deal Sheet;
April 12, 2011
Parkway Properties has staked a claim in Central Perimeter. Just months after the REIT made headlines with its purchase of 3434 Peachtree, Parkway—through its fund—it announced that it's also bought Two Ravinia Drive (below), the 438k SF tower in Dunwoody, company officials tells us. | |||
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| The purchase is part of a larger deal with Two Ravinia's former owner Eola Capital, which sold Parkway a total of six office buildings, including two Liberty Place in Philadelphia, Bank of America Center in Orlando, and International Plaza Four in Tampa. The deal also has Eola selling its property management businessto Parkway; the combined total selling price is $462M. This comes on the heels of Eola's IPO filing in which the company planned to settle a $51.6M loan on Two Ravinia (among other property debt) by going public. | |||
| Leases | |||
| McGuire Woods has inked a deal for 39,600 SF at Promenade II. Colliers International's Michael Lipton, Jeff Kelley, Pete Shelton, and Bob Ward all brokered the deal for the law firm. | |||
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| Wargo & French inked a deal for more than 21k SF at 999 Peachtree, the 622k SF tower in Midtown. Cousins Properties' David Shope andJeff Dils brokered the deal on behalf of Jamestown Properties, the landlord, and ICON Commercial Interests brokered the deal for the tenant. | |||
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| The Catholic Archdiocese of Atlanta has officially moved into the newly renovated HQ at 2401 Lake Park Dr, a 100k SF office building in Smyrna, moving away from 680 West Peachtree in Midtown. Richard Bowers (above) and his colleagues Randy Hoyeand Rick Bowers brokered the purchase on behalf of the church. | |||
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| Ashworth University inked a 32k SF lease at The Corners Office Park in Norcross. Richard Bowers' president Richard Bowers and VP Chet Lacy represented the tenant. | |||
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| Mary Hall Freedom House rehabilitation center renewed and expanded to 19,300 SF at Hannover Park in North Fulton County. Richard Bowers' Greg Kindred, Paul Mendel and Jenna Hubbardbrokered the deal. | |||
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| Time Equities recently executed 10 leases totaling 96k SF at its Southgate Shopping Center, a 300k SF shopping center in Augusta, including with discounter Rose's for 50k SF and Dollar Tree for 10k SF. The shopping center now is more than 82% occupied. Ami Ziffrepresented the landlord. | |||
| Development | |||
| Duke Realty is building a 61k SF warehouse for All American Containers in the Camp Creek Business Center after the developer sold the 5.5-acre pad site at 4400 North Commerce Dr. Duke'sCorey Richardson represented the landlord while JLL's Bob Robersrepped the tenant. | |||
| Property Management/Assignments | |||
| Grubb & Ellis' Todd Perman recently picked up the leasing assignment for Mount Vernon Medical Arts Building at 755 Mount Vernon Rd, a 100k SF Class-A medical office building, which has 15k SF of space it needs to fill. It's very familiar with this reporter as the location of his kids' pediatrician. | |||
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| Todd also listed a three-building medical office portfolio called Piedmont Physician Group to sell on behalf of its owners. The 10k SF portfolio is being marketed for $4M. |
