TIAA-CREF, Prudential Bidding for Two High-Profile Office Assets

ATLANTA-New York-based TIAA-CREF, affiliates of Prudential and several pensions funds and global investors are in a quiet bidding war for two of the area’s newest and highest-profile office buildings, people in positions to know tell GlobeSt.com. Offering prices are said to be in the $400-per-sf range which would be a record for class A office assets in the metro area.

The trophy properties are the $75-million, 500,000-sf 171-17th Street Building. The 22-story, 94%-leased property is within the 138-acre, $2-billion Atlantic Station mixed-use redevelopment in Midtown. The other is the $50-million, 260,000-sf 30 Allen Plaza. The 15-story, 96-leased property is within the planned three-building, 1.2-million-sf Allen Plaza Downtown.

Representatives for owners of the two buildings couldn’t be reached by GlobeSt.com’s publication deadline to learn how far along the bidding has gone. New York-based AIG Global Real Estate Investment Group and Locally based Jacoby Development Inc. are the joint venture developers of Atlantic Station. Locally based Barry Real Estate Cos. is developing Allen Plaza.