{"id":1004118625,"date":"2015-05-04T07:07:57","date_gmt":"2015-05-04T15:07:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004118625"},"modified":"2022-12-09T02:38:59","modified_gmt":"2022-12-09T10:38:59","slug":"change-in-ownership-at-atlantas-georgia-pacific-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/","title":{"rendered":"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center"},"content":{"rendered":"

By Barbra Murray, Contributing Editor\"Georgia-Pacific<\/a><\/em><\/p>\n

For the first time since its development in 1982, Georgia-Pacific Center in downtown Atlanta has a new name on its deed. The 1.1 million-square-foot office tower, previously owned by a joint venture between tenant Georgia-Pacific L.L.C. and MetLife, is now co-owned by Georgia-Pacific and an affiliate of its parent company, Koch Industries Inc.<\/p>\n

Just how much Koch paid for MetLife\u2019s stake in the iconic property has not been divulged. The building has a current assessed value of approximately $77.9 million, according to Fulton County records.<\/p>\n

Everyone in town knows the red-granite building, and not just as the home of more than 2,500 employees of the bath tissue and paper products manufacturer. Located at 133 Peachtree St., the 52-story Georgia-Pacific Center holds a prominent place on downtown Atlanta\u2019s skyline as the city\u2019s sixth tallest building. The property is also recognized as having served as a key development in the revitalization of downtown more than 30 years ago. And, the skyscraper is also well-known for its Hollywood history; it sits at the former location of the Loew’s Grand Theatre, the site of the 1939 premier of the classic film “Gone with the Wind.”<\/p>\n

Today, Georgia-Pacific still occupies the majority of the LEED Silver-certified skyscraper; it signed a lease renewal for 675,000 square feet in 2013. Under the new ownership structure, the building will continue as a multi-tenant property, with other office occupants as well as a handful of retailers.<\/p>\n

Currently, the tower is nearly fully leased, with less than 55,000 square feet available, according to the property\u2019s website.\u00a0<\/b><\/p>\n

Georgia-Pacific has not publicized details regarding the ownership interest in the Georgia-Pacific Center transaction, which included the parking facility behind the building. According to an SEC filing in 2005, the year Koch took the paper products company private in a $21 billion acquisition, the GA-MET joint venture owning the office property was a 50-50 partnership.\u00a0<\/b><\/p>\n

As for the possible sales price of Georgia Pacific Center, the total actual value of the property and the parking facility, listed in Fulton County records as approximately $194.8 million and $18.4 million, respectively, offers some perspective. The average sale price of office buildings in metro Atlanta in 2014 was roughly $125 per square-foot, according to a report by commercial real estate services firm Marcus & Millichap. Notable transactions this year include Building and Land Technology\u2019s snapping up of the 2.2-million-square-foot landmark Concourse Corporate Center office complex<\/span><\/a> and a prime parcel of developable land for $489 million. Other office trades include Parkway Properties\u2019 purchase of the 462,000-square-foot One Buckhead Plaza for $154 million; the Brookdale Group\u2019s $148 million acquisition of the 424,000-square-foot The Pinnacle; and Franklin Street Properties Corp.\u2019s acquisition of Two Ravinia Drive<\/span><\/a>, a 442,000-square-foot tower, in a $78 million deal.\u00a0<\/b><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

For the first time since its development in 1982, Georgia-Pacific Center in downtown Atlanta has a new name on its deed.<\/p>\n","protected":false},"author":969,"featured_media":1004118627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004118625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nChange in Ownership at Atlanta\u2019s Georgia-Pacific Center - 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\/change-in-ownership-at-atlantas-georgia-pacific-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center\" \/>\n<meta property=\"og:description\" content=\"For the first time since its development in 1982, Georgia-Pacific Center in downtown Atlanta has a new name on its deed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/\" \/>\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=\"2015-05-04T15:07:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:38:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"427\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/\",\"name\":\"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg\",\"datePublished\":\"2015-05-04T15:07:57+00:00\",\"dateModified\":\"2022-12-09T10:38:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg\",\"width\":427,\"height\":640},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/","og_locale":"en_US","og_type":"article","og_title":"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center","og_description":"For the first time since its development in 1982, Georgia-Pacific Center in downtown Atlanta has a new name on its deed.","og_url":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-05-04T15:07:57+00:00","article_modified_time":"2022-12-09T10:38:59+00:00","og_image":[{"width":427,"height":640,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/","url":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/","name":"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg","datePublished":"2015-05-04T15:07:57+00:00","dateModified":"2022-12-09T10:38:59+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg","width":427,"height":640},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/change-in-ownership-at-atlantas-georgia-pacific-center\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Change in Ownership at Atlanta\u2019s Georgia-Pacific Center"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Georgia-Pacific-Center-Atlanta-Ga..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004118625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004118625"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004118625\/revisions"}],"predecessor-version":[{"id":1004612974,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004118625\/revisions\/1004612974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004118627"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004118625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004118625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004118625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}