The per-sf-price is the highest paid for a comparable property in the metro area in the last 10 years, local real estate researchers tell GlobeSt.com. Two sales earlier this year approached the $200-per-sf barrier but never crossed it, brokers tell GlobeSt.com.
Those sales involved Glenridge Highlands Two, a 19-story, 414,000-sf building in suburban Dunwoody, GA that Atlanta-based Wells Real Estate Investment Trust Inc. bought from New York-based Teachers Insurance and Annuity Association for $80.5 million, or $194 per sf; and the 12-year-old, 28-story, 1100 Peachtree Street building in Midtown that sold for $106 million, or $190 per sf.
Downtown office brokers tell GlobeSt.com at least three other high-profile office buildings are expected to be sold in first quarter 2004. Despite office vacancies of 17% to 20%, the city's class A office building market continues to attract institutional buyers.
"They've got the cash and they've got to place it somewhere at certain time frames in their investment portfolios," a local investment banker familiar with the office investment market tells GlobeSt.com.
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