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Metzler Buys Out Partner in One Buckhead for $52M

ATLANTA-With Metzler's acquisition of Crescent Real Estate Equities' minority interest in the 462,000-sf building, Metzler is the sole owner of the property.

By Natalie Keith | Updated on January 28, 2008

ATLANTA-Seattle-based Metzler North America has acquired Crescent Real Estate Equities’ minority interest in the 462,000-sf One Buckhead Plaza at the corner of West Paces Ferry and Peachtree Road for $51.7 million. The deal factors out to $320 per sf.

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.

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