Rubenstein Properties Fund has acquired more than 3 million square feet of office space in Atlanta’s Central Perimeter market for more than $500 million (€386 million) from Equity Office Properties. Rubenstein worked with Atlanta developer Barry Real Estate on the deal.
The portfolio, which is 78 percent leased, includes office space in properties like The Terraces, 7000 Central Park, Sterling Pointe I & II and 64 and 66 Perimeter Center East. Around half of the portfolio is comprised of redevelopment opportunities, according to a statement released by Rubenstein. It is the firm’s first acquisition in Atlanta.
The total transaction included around 3.5 million square feet of offices, 500,000 of which was sold off by Rubenstein to two third-party buyers. Equity Office worked with The Blackstone Group on the sale, under the conditions of their pending merger agreement.
Rubenstein closed its first fund on $475 million last summer to focus on office investments in the Eastern US. The firm is part of a Philadelphia-based Independence Capital network of private investment funds, which includes opportunity fund Lubert-Adler.