Flatbrick of Atlanta, an affiliate of New York-based Brickman Associates and Credit Suisse First Boston, own the property. Flatbrick paid $97.5 million or $108 per sf for the park in 1998 but doesn't anticipate getting that number in today's difficult economic climate, brokers intimate with the deal tell GlobeSt.com.
Among the park's tenants are Lanier Worldwidle, BellSouth, Kroger and Cigna.
Northlake Office Park is in a submarket where second-quarter office occupancy is 88.72% out of a total inventory of 4.6 million sf, according to research by Atlanta-based Richard Bowers & Co.
The I-285/I-185/Northlake office submarket had a negative second-quarter absorption of 146,469 sf and a negative absorption year-to-date of 42,399 sf. Vacant space totals 520,304 sf at an average asking rent of $17.19 per sf.
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