The property was purchased under an entity called ACP/DLF Cornerstone LLC. Built in 1929, the 100%-occupied building is located at the corner of Peachtree Street and Andrew Young International Boulevard. The largest tenant in the property is the Hard Rock Cafe, which occupies over 26,500 sf.
The seller was locally based investors 215 Peachtree Associates LLC, which has owned the property since 2002. The seller was represented in the transaction by Gary Lee, Andrew Murphy and Mark Joines, all of Atlanta-based Carter.
"More than 15 offers were received on this asset, primarily due to the building's location at 'Main and Main' in Downtown Atlanta," Murphy says. "Ultimately the buyer was selected based on its strong presence and record of success in the Downtown submarket."
Lee tells GlobeSt.com that, when the sellers originally acquired the building in 2002 for $5.7 million, it had significant vacancies. "Once the building was stabilized, they decided to place it on the market," he says.
One of the reasons ACP was attracted to Cornerstone is that it also owns Peachtree Center, a 2.55-million-sf office building next door at 225 Peachtree St. Lee says the buyer may make changes to the Cornerstone building to co-brand it with Peachtree Center.
"This was a logical acquisition for the company," Lee says. "It gives them control of an entire city block. It's a safe investment. Hard Rock Cafe has a long-term lease."
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