ATLANTA—Paces West, a class A office development in Atlanta's Cumberland/Galleria submarket, has traded hands. The sale price: $113 million.
CBRE's Will Yowell, Justin Parsonnet, Jay O'Meara, and Jeff Ackemann represented a partnership between TIER REIT and funds managed by Oaktree Capital Management, in the sale of the office asset. Investcorp International acquired the development.
"Paces West was a compelling core-plus offering that benefits from Cumberland/Galleria's continued momentum," Parsonnet tells GlobeSt.com. "The relocation of the Atlanta Braves to the submarket offers a strategic catalyst that is triggering the next wave of its maturity as one of Atlanta's top office destinations."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
