{"id":1004154493,"date":"2016-10-05T04:48:04","date_gmt":"2016-10-05T12:48:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154493"},"modified":"2020-04-13T00:21:57","modified_gmt":"2020-04-13T08:21:57","slug":"starwood-capital-group-arranges-purchase-of-atlanta-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-capital-group-arranges-purchase-of-atlanta-office-tower\/","title":{"rendered":"Starwood Capital Pays Big Bucks for Atlanta Office Tower"},"content":{"rendered":"<p>by Evelina Croitoru<\/p>\n<div id=\"attachment_1004154494\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154494\" data-attachment-id=\"1004154494\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/starwood-capital-group-arranges-purchase-of-atlanta-office-tower\/attachment\/7604\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"7604\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg?w=640\" class=\"wp-image-1004154494 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg\" alt=\"1201 W. Peachtree St., NW., Atlanta\" width=\"240\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7604.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-1004154494\" class=\"wp-caption-text\">1201 W. Peachtree St., NW., Atlanta<\/p><\/div>\n<p><strong>Atlanta<\/strong>\u2014<a href=\"https:\/\/starwoodcapital.com\/\" target=\"_blank\" rel=\"nofollow\">Starwood Capital Group<\/a>, a leading private investment firm focusing on real estate, has announced the purchase of One Atlantic Center, an office tower in Atlanta. The building was acquired by a joint venture between\u00a0Starwood Global Opportunity Fund X and <a href=\"https:\/\/www.corepropertycapital.com\/\" target=\"_blank\" rel=\"nofollow\">Core Property Capital<\/a>.\u00a0According to <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"nofollow\">Yardi Matrix<\/a> data, the\u00a0property was sold by\u00a0Hines Interests, which paid $307 million for it back in 2006.<\/p>\n<p>Starwood did not disclose the terms of the transaction, but the\u00a0<em><a href=\"https:\/\/www.bizjournals.com\/atlanta\/news\/2016\/06\/24\/starwood-capital-is-front-runner-to-buy-50-story.html\" target=\"_blank\" rel=\"nofollow\">Atlanta Business Chronicle<\/a><\/em>\u00a0reported back in June that the company was expected to pay approximately $330 million for the asset, which translates to roughly $300 per foot.<\/p>\n<p>The 50-story, LEED Gold-certified <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office tower<\/a> located at 1201 W. Peachtree St., NW., includes 1.1 million square feet of office space and a 2,100-space parking garage. The property, which was 90 percent leased at the time of sale, provides\u00a0access to major highways running through Atlanta and is in close proximity to the Art Center station.<\/p>\n<p>&#8220;This acquisition is consistent with our long-held investment strategy of buying high-quality assets at a meaningful discount to replacement cost in markets experiencing limited amounts of new supply and outsized job and population growth,&#8221; Mark Keatley, managing director at Starwood, said in prepared remarks.<\/p>\n<p><em>Image courtesy of Yardi Matrix.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 50-story One Atlantic Center reportedly fetched roughly $330 million.<\/p>\n","protected":false},"author":1055,"featured_media":1004154494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21742,21747],"tags":[],"class_list":["post-1004154493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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