The company purchased the property, located at 945 East Paces Ferry Rd. from North Atlanta Realty Acquisitions Co. Constructed in 1988, the property consists of 17 stories of office space over a 10-story parking deck with 1,100 spaces. Four major tenants occupy 61% of the building, which is 90% leased.

The location of the property was among reasons for the acquisition. It is next to Lenox Square mall and less than one mile from Phipps Plaza mall, the Intercontinental Hotel and the Ritz-Carlton. "Buckhead is a very attractive Atlanta submarket with high demand for the type of space offered at Resurgens Plaza," says Behringer Harvard founder and CEO Robert Behringer. "We like this asset for its high construction quality and its ability to maintain and attract stable, creditworthy tenants."

Behringer Harvard executive vice president Jason Mattox tells GlobeSt.com the roster of stable, creditworthy tenants was another reason for the acquisition. Specific plans for the property were not revealed, although the capability to further enhance current income and total returns exists. "We'll continue to maintain the facility and run it as a class A asset," Mattox says.

Mattox adds that the company is bullish on the Atlanta market. "Atlanta is very attractive to us, particularly submarkets such as Vinings and Buckhead," he says. "The ability to develop new property is limited and we believe stable, creditworthy tenants will continue to be attracted to the area."

Jones Lang LaSalle managing directors of investment sales Tom Beneville and Mark De Riemer and managing director of leasing Mark Lucas represented North Atlanta in the transaction. "While the property's inherent qualities drew significant interest, the property offered a unique marketing challenge as it is located on top of the [Marta's] train station and subject to a ground lease with Marta," Beneville says.