The seller, a subsidiary of Bermuda-based Overseas Partners Ltd., bought the 13-year-old building in 1995 for $62 million or $139.97 per sf, according to Databank, an Atlanta commercial real estate research house.
The asset is in the prime Buckhead business district on Peachtree Road, about eight miles from Downtown. The tower has 401,105 sf of office and 41,825 sf of retail. Rental rates in the building are $26.50 per sf to $27.50 per sf.
Richard Bowers Co.'s mid-year office report shows Buckhead's class A office space had a vacancy rate of 3.8%.
One Buckhead Plaza is the third signature class A office building to change hands within a year. The Lenox Building and One Atlanta Plaza were sold over the past year and a fourth signature property is on the market. Overseas Partners also is selling the Atlanta Financial Center, a 900,000-sf office complex on Peachtree Road in the Buckhead business and shopping district.
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