Metzler has owned a majority stake in the building since 2005 when it entered into a joint venture soon after Crescent acquired the property from CBRE Investors. Zeb Bradford and Ben Blakely, of Metzler's Atlanta office, and Matthew Paddock, of Metzler's Seattle office, represented Metzler. Paul Smith, of Crescent, represented the seller.
Bradford tells GlobeSt.com that, with the acquisition of the minority stake, Metzler is the sole owner of the property. He adds that Crescent was recently acquired by Morgan Stanley, which conducted a review of its portfolio. "This opened up an opportunity to acquire the minority stake," he says.
Built in 1986, the building was 93% leased at the time of the sale. Among office tenants are architectural firm Niles Bolton Associates, advertising firm Fitzgerald & Co. and UBS Paine Weber. Retail tenants include Chops Restaurant & Lobster Bar and Nava.
The property is located in an area of Buckhead that has been experiencing redevelopment. It is in close proximity to an $850-million redevelopment mixed-use project by Ben Carter & Associates. It is also adjacent to St. Regis, a boutique hotel that is under construction and will feature condominiums starting at $1 million.
"We view the activity as creating an amazing environment for our tenants," Bradford says. "We're happy about what's happened in the area over the past few years, but are also excited about the future."
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