Who's Buying Concourse Corporate Center?
Regent Partners is a step closer to selling the iconic King and Queen towers in Central Perimeter.
Sources tell us Regent has already called for best-and-final offers on Concourse Corporate Center, and top bidders for the more than 2M SF office complex include CBRE Global Investors and an unexpected dark horse: Atlanta-based Songy Highroads. While potential purchase price was not disclosed, sources say the park — with its 600k SF King and Queen buildings — could fetch upward of $500M, far outstripping Regent's 2012 purchase price of $311M. Officials with Songy Highroads, CBRE, Regent and Eastdil Secured (which is marketing Concourse for sale) could not be reached for comment.
If this project goes to Songy, it could be the largest acquisition in Atlanta to date for the firm. While Songy has maintained a relatively low profile in Atlanta, founder David Songy is a longtime vet of the commercial real estate scene. In 2013, the Louisiana native purchased some 500k SF of office in Baton Rouge and New Orleans for $53M. And just last year, Songy announced it was developing a Hyatt Place hotel (here) in the Galleria submarket of Houston in a partnership with The Carlyle Group. Regent would maintain control of the development pad at Concourse Corporate Center following this sale.
