CBRE Global Investors has acquired two class A office buildings in downtown Atlanta on behalf of the Seoul-based investor Korea Post, the firm told PERE Thursday.
The Los Angeles-based real estate investment manager bought the buildings for $248.7 million from a joint venture between real estate investment trust VEREIT and Dallas-based private equity real estate firm MacFarlan Capital Partners, according to data from Real Capital Analytics.
Midtown I and II, located at 725 and 754 West Peachtree Street, are fully leased to AT&T. The properties total 24 stories with 794,110 square feet of lettable space located in Atlanta's midtown technology hub, the Innovation District.
Amenities at the assets include a fitness center, restaurants and conference facility. There is also a nine-story parking garage and 13,257 square feet of ground floor retail space.
“Atlanta boasts a diverse economy and continues to attract major corporate users,” said Jeffrey Torto, CBRE's senior managing director, in a statement. “Atlanta is quickly becoming a technology and data center hub for companies looking to relocate or expand outside of the traditional technological hubs such as Silicon Valley and Austin, Texas.”
This is the second acquisition CBRE has made on behalf of Korea Post in the US. In 2013, CBRE Global Investors acquired 161 N. Clark Street, a 49-story office building in downtown Chicago, from Tishman Speyer in a $331.3 million transaction on behalf of a consortium of Korean investors led by Korea Post.
The pair are said looking at more opportunities both in the US and Europe.