CBRE Investors Acquire 500,000-SF Office Park

ATLANTA-CB Richard Ellis Investors, on behalf of its Strategic Partners US 5 fund, has acquired Northcreek Office Park, a 532,916-sf, four building office complex in Buckhead from Hines. The buildings are currently 90% leased, with significant tenants including Sprint, Yahoo! Inc. and Skanska. Terms of the deal were not disclosed.

CBRE plans to re-market the buildings after it implements capital improvements such as roof replacements, HVAC and electrical updates, and surface parking repairs. The company also plans to build a conference center within the complex and maintain a recently renovated fitness center. Each of the eight-story buildings, located at 3715 Northside Parkway along Interstate 75, underwent renovations in 2005, including new brick facades, landscape improvements and elevator and ADA compliance upgrades.