Atlanta's Hot Real Estate Sale

An investor from Los Angeles grabs Atlanta's tallest tower for its biggest price.
July 26, 2006, 7am PDT | Chris Steins | @urbaninsight
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"In a transaction that bucks the typical deal in which big East Coast money grabs California bricks-and-mortar, an L.A.-based firm is paying a record price for an office trophy in Atlanta. BentleyForbes, a diversified L.A. real estate concern, is paying $456 million, or $348 a square foot, for Bank of America Plaza. The 55-story, 1.25 million square foot building is the tallest office property in the U.S. outside of New York and Chicago.

...Buyer BentleyForbes is emerging as a key buyer of trophy buildings in major markets. This spring the privately held investment manager acquired Prudential Plaza in Chicago for around $470 million."

Thanks to Peter Slatin

Full Story:
Published on Friday, July 21, 2006 in The Slatin Report
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