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Piedmont Place Gets New Owners in $13M Deal

ATLANTA-Boston-based General Investment & Development buys the 22-year-old, class A, 90,636-sf, 100%-leased office building near the Buckhead Loop and Piedmont Road for $12.95 million. GID bought the asset for an affiliate, Windsor Realty Fund IV-2002 LP.

By Alex Finkelstein | Updated on June 16, 2005

ATLANTA-Piedmont Place, a 100%-leased, 90,636-sf, class A office building near the Buckhead Loop and Piedmont Road, is under new ownership today for the third time in 22 years. Boston-based General Investment & Development bought the 3.2-acre property from the Realty Associates Fund III for $12.95 million or $142.87 per sf. Both firms are based in Boston.

GID bought the 10-tenant, four-story Piedmont Place at 3520 Piedmont Rd. NE for an affiliate, Windsor Realty Fund IV-2002 LP. Nigel T. Keenan, GID’s director of office investments, negotiated for his firm. Will Yowell of CB Richard Ellis Inc. represented the seller.

“The [Piedmont Place] investment is a high-quality core asset located in a mature market,” Keenan says. “The attractive location and institutional quality of the improvements should provide a competitive advantage for the property as local and national economic conditions improve.”

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