An investor from Los Angeles grabs Atlanta's tallest tower for its biggest price.
"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: Hot For Atlanta
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