Koger Closes on Three Ravinia Drive

ATLANTA-Koger Equity Inc., a Boca Raton, FL-based real estate investment firm, is the new owner of one of Atlanta’s trophy office assets, the 10-year-old, 31-story, 805,972-sf Three Ravinia Drive building.

Koger paid Ravinia Three Associates Limited Partnership $125 million cash or $155.09 per sf for the 57%-leased property, as GlobeSt.com reported Jan. 12. The per-sf price is below an estimated replacement cost today of $200 per sf, area construction industry estimators tell GlobeSt.com.

Koger paid for the building from the proceeds of its recently closed $303 million portfolio sale to AP-Knight LP and from a $125 million line of credit obtained from Fleet National Bank.