{"id":1004155081,"date":"2016-10-12T07:46:32","date_gmt":"2016-10-12T15:46:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155081"},"modified":"2020-05-18T23:44:04","modified_gmt":"2020-05-19T07:44:04","slug":"cbre-arranges-sale-of-historic-biltmore-in-atlanta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-sale-of-historic-biltmore-in-atlanta\/","title":{"rendered":"CBRE Arranges Sale of Historic Biltmore in Atlanta"},"content":{"rendered":"<p>by Evelina Croitoru<\/p>\n<div id=\"attachment_1004155082\" style=\"width: 290px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155082\" data-attachment-id=\"1004155082\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-sale-of-historic-biltmore-in-atlanta\/attachment\/7111\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg\" data-orig-size=\"640,512\" 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=\"7111\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg?w=640\" class=\"wp-image-1004155082\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg\" alt=\"The Biltmore\" width=\"280\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/7111.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 280px) 100vw, 280px\" \/><\/a><p id=\"caption-attachment-1004155082\" class=\"wp-caption-text\">The Biltmore, Atlanta<\/p><\/div>\n<p><strong>Atlanta<\/strong>\u2014<a href=\"https:\/\/www.cbre.com\/\" rel=\"nofollow\" target=\"_blank\">CBRE<\/a> has announced the sale of the historic Biltmore building to locally based <a href=\"https:\/\/www.gtf.gatech.edu\/\" target=\"_blank\">Georgia Tech Foundation<\/a>. The seller, an affiliate of <a href=\"https:\/\/novaregroup.com\/\" rel=\"nofollow\" target=\"_blank\">Novare Group,<\/a> was represented in the transaction by Jay O\u2019Meara, Will Yowell and Justin Parsonnet with CBRE. At the time of sale, the property was 96 percent occupied.<\/p>\n<p>Located on West Peachtree Street in Midtown Atlanta, the 13-story, mixed-use building features approximately 290,000 square feet of Class A office space. The property is within walking distance of 500,000 square feet of retail, 5,500 residential units and more than 30 restaurants.<\/p>\n<p>The purchase of The Biltmore was mainly due to the fact that the building is an extension of Georgia Tech. The tower is also adjacent to <a href=\"https:\/\/www.commercialsearch.com\/news\/technology\/\" target=\"_blank\">Technology<\/a> Square, a renowned innovation center anchored by the university. With more than 65,000 jobs within a 1.2 square mile radius, the newly-acquired property is situated at the heart of more than $1 billion in development activity.<\/p>\n<p>\u201cCBRE recently released a report ranking the top tech talent markets and Atlanta came in as a top 10 market, due in large part to Georgia Tech and the momentum in the surrounding blocks. The acquisition of a historic and attractive property such as The Biltmore will be a good fit,\u201d Jay O\u2019Meara, senior VP of CBRE, said in prepared remarks.<\/p>\n<p>According to <a href=\"https:\/\/www.yardimatrix.com\/\" rel=\"nofollow\" target=\"_blank\">Yardi Matrix<\/a> data, the property is subject to a $36 million loan through Citigroup Commercial Mortgage Trust, due in 2024.<\/p>\n<p><em>Image Courtesy of YardiMatrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Georgia Tech Foundation is the new owner of the 13-story, 290,000-square-foot building. <\/p>\n","protected":false},"author":1055,"featured_media":1004155082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21752,21742],"tags":[],"class_list":["post-1004155081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-mixed-use","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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