Sibag, Siemens' real estate division, is banking on CB Richard Ellis Inc. to come up with a sales price of at least $184 per sf ($75 million), the price Siemens paid for the asset in 1994.
But area brokers familiar with the Cumberland Mall office submarket tell GlobeSt.com on condition of anonymity Siemens will be lucky to get $170 per sf ($69 million) in a currently low appreciation phase of Downtown office assets.
Brokers base that assessment on the April sale of another Downtown icon, the three-tower, 900,000-sf Atlanta Financial Center purchased by Hines Interests Inc. of Houston and General Motors Asset Management for $154 million or $171 per sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
