Koger Equity said the cash will come from the proceeds of its recently closed $303 million portfolio sale to AP-Knight LP and from a $125 million line of credit secured from Fleet National Bank. The credit line has a three-year term that expires Dec. 27, 2004.
In a prepared statement, Koger feels it got a good deal based on a an estimated current replacement cost of $200 per sf. MCI vacated 315,000 sf Sept. 30.
Tenants include Bass Hotels and Resorts American, a subsidiary of Six-Continents, Blue Cross and Blue Shield of Georgia and Alcan Cable. Retail tenants include a florist, sundry shop and a restaurant. Completed in 1991, Three Ravinia is a 31-story, 431-foot tall, Class A office building. It was designed by Kevin Roche John Dinkeloo & Associates and developed by Hines Interests LP. The building is on the northeast corner of Ashford-Dunwoody Road and Interstate 285 in DeKalb County in suburban North Atlanta. It is the largest office building north of Midtown Atlanta and the tallest building in DeKalb County.
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