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Two Office Assets in Hot Markets Sold

ATLANTA-The 14-year-old, 20-story, 351,184-sf Lenox Building in Buckhead goes for about $70 million. The one-year-old, 11-story, 286,572-sf Glenridge Highlands One tower in north Fulton County exchanges hands for about $43 million.

By Judith Schonbak | Updated on August 10, 2000

A rising Interest in investment properties this year is fueling sales of distinctive assets in metro area markets.

New York-based Clarion Partners purchased the 14-year-old, 20-story, 351,184-sf Lenox Building in upscale Buckhead from Simon Properties Group for about $70 million, or roughly $200 psf.

The sale includes a ground lease under the adjoining J.W.Marriott hotel. The building is 95% leased. Lead tenants are Ptek Holdings Inc. and Healtheon/WebMD. Class A rental rates in the tight Buckhead market are $27 psf.

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