The property, renovated in 2001, was 88% occupied at the time of the sale. Major tenants include AT&T, Whole Foods, Matria Health Care and Wachovia.
New Boston Fund senior vice president and regional director the Southeast Pryse Elam tells GlobeSt.com that New Boston plans to develop more space on the property, although specific details have not yet been determined. "Not only was this an opportunity to acquire a significant asset, it was also an opportunity to develop new space," Elam says. "The new space will be integrated around the existing building."
Atlan Tech Tower is the first office building the company has acquired in the Southeast and the first property acquired in the Southeast by the New Boston Real Estate Fund VII, a $350-million fund that focuses on capital preservation and value enhancement with diversification across strategy, geography and property type.
In August, the company opened its new Florida headquarters in Delray Beach. The company's other projects in the Southeast include the Slade at Channel Side, a joint venture condominium project in Tampa; the Preserve at Deer Park, a 448-unit garden-style apartment community in Tampa; Cameron Lakes, a 207-unit garden-style apartment community in Clearwater and the Gallery Arts Condominiums in Miami.
"Having an office in Delray Beach gave us the confidence that we were close enough to the marketplace to pursue opportunities," Elam says, who adds that New Boston will continue to pursue acquisition opportunities in the region.
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