Tishman, Lehman sell Atlanta tower for $152m

The New York-based real estate developer and the former Wall Street banking giant have sold Two Alliance Center to Highwoods Properties, a Raleigh, North Carolina-based REIT.

A joint venture between Tishman Speyer and Lehman Brothers Holdings has sold a trophy office tower in Atlanta to a Raleigh, North Carolina-based REIT. 

According to a statement, the New York-based real estate developer and fund manager and the former Wall Street banking giant sold Two Alliance Center, an office building that Tishman Speyer developed and leased in Atlanta’s Buckhead submarket, for $152.3 million. Although the venture did not disclose the buyer, data provider Real Capital Analytics lists Highwoods Properties as acquiring the 485,000-square-foot asset. 

Tishman and Lehman originally acquired the development site from The Blackstone Group in 2006 as part of their purchase of a portfolio of five Atlanta office properties for $675 million. Blackstone had acquired the portfolio through the dissolution of Canadian office REIT Trizec Properties. 

Tishman completed construction on Two Alliance Center in 2009 and took the building to market this March. Eastdil Secured marketed the property on behalf of the seller. 

The property, located at 3560 Lenox Road, currently is 92 percent leased. Tenants include rolled aluminium producer Novelis Corporation and insurance broker Marsh & McLennan.