{"id":1004047301,"date":"2012-09-24T08:02:40","date_gmt":"2012-09-24T16:02:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004047301"},"modified":"2022-12-09T00:36:22","modified_gmt":"2022-12-09T08:36:22","slug":"trophy-atlanta-office-property-trades-for-152m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trophy-atlanta-office-property-trades-for-152m\/","title":{"rendered":"Trophy Atlanta Office Property Trades for $147M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Two Alliance Center, a premier office property in Atlanta, has come under new ownership. Tishman Speyer developed the 492,000-square-foot building in 2009 and now\u00a0Highwoods Properties, Inc. has acquired it for $146.7 million\u00a0or $298 per square foot, as the company’s all-in investment, which includes $0.8 million of planned near-term building improvements.<\/p>\n

Two Alliance includes 29 stories above Atlanta’s trendy Buckhead submarket, offering commuters a location within close proximity to a MARTA station and easy access for drivers to the well-traveled Georgia 400.\u00a0 Global aluminum products manufacturer Novelis Inc. and international professional services firm Marsh & McLennan Cos. are the lead tenants at the high-rise, occupying a respective 125,200 and 123,500 square feet. In terms of maintaining names on the tenant roster, Highwoods will likely be safe, at least until 2017, when a mere 24,000 square feet is scheduled to expire.<\/p>\n

Class A offerings, a top location and an enviable tenancy–Two Alliance is quite an asset and Highwoods snapped it up at a markdown.<\/p>\n

“This investment garners us one of the best Class A office buildings in the southeast, a new building with a well-diversified rent roll that we acquired at a 10 percent discount to replacement cost,” said Ed Fritsch, president and CEO of Highwoods.<\/p>\n

As commercial real estate services firm Studley notes in a second quarter report, Tishman had hoped to garner approximately $350 per square-foot, or $172.6 million. In the end, the developer walked away with roughly $309 per square-foot. Had Highwoods’ wish come true, the disposition of Two Alliance would have broken the record for the sale of a Buckhead office property, which was set in early 2011 when Parkway Properties Inc. picked up 3344 Peachtree for $167.3 million, or $346 per square-foot.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two Alliance Center, a premier office property in the trendy Buckhead submarket, has come under new ownership for a price tag of $147 million.<\/p>\n","protected":false},"author":969,"featured_media":1004047303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,21783,21742,21747],"tags":[],"class_list":["post-1004047301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nTrophy Atlanta Office Property Trades for $147M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/trophy-atlanta-office-property-trades-for-152m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trophy Atlanta Office Property Trades for $147M\" \/>\n<meta property=\"og:description\" content=\"Two Alliance Center, a premier office property in the trendy Buckhead submarket, has come under new ownership for a price tag of $147 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/trophy-atlanta-office-property-trades-for-152m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-24T16:02:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:36:22+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/09\/Two-Alliance-Hero-Sunset.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Trophy Atlanta Office Property Trades for $147M\",\"datePublished\":\"2012-09-24T16:02:40+00:00\",\"dateModified\":\"2022-12-09T08:36:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/\"},\"wordCount\":283,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/09\\\/Two-Alliance-Hero-Sunset.jpg\",\"articleSection\":[\"Brokerage\",\"Featured\",\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/trophy-atlanta-office-property-trades-for-152m\\\/\",\"name\":\"Trophy Atlanta Office Property Trades for $147M - 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