Intercontinental buys $103m Atlanta offices

The US real estate investor has scooped up a 514,000-square-foot office complex in Atlanta’s Central Perimeter business district.

Boston-based Intercontinental Real Estate Corporation has acquired the Lakeside Commons office complex in Atlanta, Georgia for $102.8 million (€68 million). The acquisition, made through Intercontinental’s US Real Estate Investment Fund, was led by Michael Keyes, the company’s acquisitions director.

The 514,000-square-foot Lakeside Commons, located north of downtown Atlanta, complex comprises two Class A office developments and a structured parking facility. “Lakeside Commons is one of the most competitive and distinct office properties in Atlanta’s Central Perimeter submarket,” said Thomas Taranto, Intercontinental director of acquisitions, asset and portfolio management in a statement.

The property is currently 97 percent leased to tenants including Porsche Cars North America, Porsche AG’s North American headquarters, and environmental engineering firm Brown & Caldwell. The complex also features an outdoor seating and patio area and a lake with a central geyser and waterfall.

Last month, Intercontinental acquired the 295,700-square-foot Locke Drive Technology Park in Marlborough, Massachusetts. The flex/office portfolio comprises three stand alone assets as well as 942 parking spaces and is primarily leased to high tech companies.

Intercontinental Real Estate has developed, managed and owned more than $4 billion in real property assets including commercial, mixed use, hotel, recreational and residential properties. It currently owns and manages a portfolio of more than $2 billion.