Cousins Buys Galleria 75 for $11M

ATLANTA-Office building sales activity is taking off here. Cousins Properties Inc. has purchased the two-story, 87%-leased, 113,000-sf Galleria 75 office building on Cobb Galleria Parkway for $11.8 million, or $100.8 per sf. In a separate action, another name property, the 28-story, 450,000-sf Marquis Two building in Peachtree Center Downtown, goes on the selling block.

Cousins vice chairman Dan DuPree calls his company’s Galleria 75 acquisition “a one-of-a-kind opportunity.” He says the structure is “an incredibly well-located property that provides Cousins with both short and long-term possibilities. In the near-term, we benefit from owning a well-leased asset in one of the best locations in northwest Atlanta.”

Dupree adds, “In the future, the combination of this site’s great transportation access and the development activity planned nearby will make it ideal for redevelopment as a possible corporate headquarters location.”